CalPERS Board Candidates Divided on Bitcoin Despite $166M Indirect Exposure via Strategy Shares

• CalPERS holds 410,596 Strategy shares (~$165.9M), providing indirect Bitcoin exposure.

• Six board candidates offered split positions: some oppose direct crypto buys, others favor study or cautious adoption.

• Comparable moves: Michigan tripled Bitcoin ETF exposure to $11.4M; Wisconsin holds $387M in Bitcoin ETF shares.

CalPERS Bitcoin exposure: CalPERS holds 410,596 Strategy shares (~$165.9M); board candidates are divided on direct Bitcoin investment—read the positions and implications.

What is CalPERS’ Bitcoin exposure?

CalPERS Bitcoin exposure today is indirect: the $506 billion California Public Employees’ Retirement System holds 410,596 shares of Strategy, valued at about $165.9 million per the Q2 13F filing. This stake gives the pension fund material exposure to Bitcoin through an equities position rather than direct cryptocurrency holdings.

How do CalPERS board candidates view crypto investments?

Candidates are divided. Some, like incumbent David Miller, said cryptocurrency “should not have a seat on our board” and oppose direct Bitcoin purchases. Others, including Dominick Bei, highlighted the existing Strategy stake and questioned the inconsistency of opposing direct investment while holding indirect exposure. Kadan Stadelmann, CTO at Komodo Platform, argued Bitcoin can serve as an inflation hedge. Opposing voices compared crypto to past financial collapses and urged caution.

Frequently Asked Questions

How much does CalPERS hold in Strategy shares?

CalPERS reported holding 410,596 shares of Strategy in its Q2 13F filing. The position was valued at approximately $165.9 million, giving the fund indirect Bitcoin exposure without owning cryptocurrency directly.

Why are candidates divided on Bitcoin?

Division stems from risk tolerance and fiduciary interpretation. Some view Bitcoin as an emerging store of value and inflation hedge. Others see crypto as opaque and unsuitable for pension portfolios, citing historical financial failures as cautionary parallels.

Key Takeaways

• Indirect exposure: CalPERS holds significant Strategy shares but no reported direct Bitcoin holdings.
• Board split: Six candidates offered mixed views—outright opposition, cautious openness, and calls for study.
• Comparative activity: Other state funds have raised Bitcoin ETF allocations, suggesting varied institutional approaches.

Conclusion

CalPERS currently maintains indirect Bitcoin exposure through Strategy shares while its board candidates remain split on direct cryptocurrency investment. The November election may shape whether the $506 billion fund pursues direct digital asset allocations, continues studying blockchain partnerships, or keeps exposure via equity holdings only.

Author: COINOTAG — Published: 2025-09-04 — Updated: 2025-09-04

Sources referenced in reporting: Q2 13F filing (CalPERS), public statements from candidates at a CalPERS forum, state pension disclosures for Michigan and Wisconsin, remarks by Komodo Platform CTO Kadan Stadelmann, and publicly reported Strategy (formerly MicroStrategy) holdings noted in industry filings and statements.