According to Crypto Rover, 14 U.S. states have disclosed a combined $632 million exposure to MicroStrategy (MSTR) in Q1 2025 through public retirement and treasury funds (source: Crypto Rover on Twitter, May 17, 2025). This significant investment in MSTR, a company well-known for its large Bitcoin holdings, signals increasing institutional confidence in crypto-linked equities. Traders should note that public funds' exposure to MSTR could drive increased liquidity and volatility in both MSTR shares and the broader Bitcoin market, with potential spillover effects on related crypto assets.