California pension fund holds $35.5M in Strategy shares for Bitcoin exposure

The California Public Employees’ Retirement System, better known as CalPERS, reported holding roughly $35.5 million worth of Strategy Inc. shares. That single line item on a regulatory filing quietly gave more than 2 million California state workers and retirees exposure to Bitcoin, whether they asked for it or not. CalPERS is the largest public pension fund in the United States, managing retirement benefits for everyone from firefighters to DMV clerks. Strategy Inc., formerly known as MicroStrategy, is the largest corporate holder of Bitcoin on the planet, sitting on more than 629,000 BTC. Owning Strategy stock is, for all practical purposes, a leveraged bet on Bitcoin wrapped inside equity market packaging. A position that’s been on a ride The $35.5 million figure represents a snapshot in time, and it’s worth noting that this position has been far larger. CalPERS’ Strategy holdings peaked at over $144 million during more favorable market conditions. By late 2025, the value had retreated to around $80 million as both Strategy’s share price and Bitcoin itself fluctuated. In the fourth quarter of 2025, the fund added 22,475 shares to its Strategy position. Why Strategy, not Bitcoin ...