CalPERS, the largest US public pension fund, disclosed holding approximately $35.5 million in Strategy Inc. shares as of early 2026, providing indirect Bitcoin exposure to over 2 million California state workers and retirees. Strategy Inc., formerly MicroStrategy and the world’s largest corporate Bitcoin holder with over 629,000 BTC, has seen its stock price amplify Bitcoin’s volatility, with CalPERS’ position having peaked at $144 million before declining. In the fourth quarter of 2025, CalPERS added 22,475 shares to its Strategy position. Strategy itself recently made headlines by selling 32 Bitcoin for $2.5 million in May 2026, marking its first Bitcoin sale since 2022. Despite the significant dollar amounts, the $35.5 million position represents a negligible fraction of CalPERS’ total assets under management, which run into the hundreds of billions.
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