The California State Employees’ Retirement System (CalPERS), the largest state pension fund in the US, has increased its exposure to Strategy (MSTR) – a company known for its strategy of holding Bitcoin as a treasury reserve asset.
According to the latest published report, CalPERS has purchased 183,444 shares of Strategy, with an estimated investment value of approximately $29 million as of this year.
This information indicates that the actual allocation size is smaller than some previous estimates, thereby clarifying CalPERS’ level of involvement in Strategy. Although the proportion remains modest compared to the fund’s overall portfolio, this investment is notable due to the close relationship between Strategy and Bitcoin through treasury management strategies.
This move reflects a trend among large institutional investors seeking to approach Bitcoin indirectly, through shares of publicly traded companies, rather than directly holding cryptocurrency assets.
Since Strategy’s stock performance is highly correlated with Bitcoin price volatility, CalPERS’ position can be viewed as a controlled allocation to Bitcoin-related risk, while still remaining within the framework of traditional equity investment.
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