Alaska’s public pension fund has joined the list of institutions with Bitcoin-linked exposure, though only indirectly, through a small holding in Strive Inc., a Nasdaq-listed Bitcoin treasury company. The Alaska Retirement Management Board disclosed 19,804 Class A shares of Strive valued at $216,000 as of Q2 2026, up from $198,000 in the prior quarter. The position amounts to about 0.0005% of the roughly $46 billion portfolio and sits within a passive equity allocation of around $10 billion, making it an incidental exposure rather than a deliberate bet on Bitcoin. Strive, founded by Vivek Ramaswamy as an anti-ESG asset manager, shifted in 2025 into the Bitcoin treasury model after a merger. It now holds about 20,020 BTC worth roughly $1.3 billion, with an average acquisition cost near $94,700 per coin. The case illustrates a broader market dynamic: as Bitcoin treasury companies become large enough for major stock indexes, passive investors including pension funds can end up with crypto-linked economic exposure automatically, even while maintaining formal policies against direct crypto ownership. For roughly 100,000 Alaska state employees and beneficiaries, the practical effect is negligible given the stake’s size, but its routine appearance in meeting records and a 13F filing suggests Bitcoin-related exposure is increasingly being absorbed into mainstream diversified portfolios.