The California State Teachers’ Retirement System, the second-largest public pension fund in the United States, has taken an indirect position in Bitcoin worth about $133 million through its equity stake in MicroStrategy, now known as Strategy. The holding gives the $332 billion pension plan exposure to the cryptocurrency without purchasing the tokens directly, reflecting a growing willingness among large institutional investors to add Bitcoin-linked assets. Separately, quantitative trading firm Jane Street Group disclosed that it has expanded its Bitcoin exchange-traded fund positions to $3.4 billion. The New York-based firm, which manages roughly $505 billion in assets, has been steadily increasing its exposure as spot Bitcoin ETFs gain liquidity. The moves by CalSTRS and Jane Street underscore a broader institutional shift toward Bitcoin following the approval of U.S. spot ETFs earlier in the year. Pension plans and market-making firms are using equity and ETF vehicles to seek returns from the digital asset while sidestepping the operational complexities of holding the tokens directly.