CalPERS Dives into Leveraged Bitcoin Play with $35.5M Strategy Inc. Stake

CalPERS, the largest US public pension fund, has invested $35.5 million in shares of Strategy Inc., formerly MicroStrategy. This move gives over 2 million California state employees and retirees indirect exposure to Bitcoin's price movements without direct ownership. Strategy Inc. is known for holding over 629,000 BTC, making its stock a leveraged Bitcoin play.

CalPERS' position in Strategy Inc. has fluctuated significantly, peaking at $144 million before dropping to the current value of $35.5 million. This reflects the volatility of Bitcoin's price movements. By investing in Strategy Inc., CalPERS gains exposure to Bitcoin through a regulated equity investment rather than direct cryptocurrency ownership.