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U.S. Largest Public Pension Fund Adds 'Bitcoin-Themed' Strategy
Doohyun Hwang
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- The United States' largest pension fund, CalPERS, bought 183,444 shares of Strategy.
- Strategy is perceived as a de facto 'spot Bitcoin ETF substitute' due to its massive Bitcoin holdings.
- CalPERS's purchase is a strategy to gain exposure to Bitcoin's upside without the regulatory or custody burdens of virtual assets.
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The United States' largest public pension fund, the California Public Employees' Retirement System (CalPERS), has increased its stake in the bitcoin treasury company Strategy.
According to recently disclosed filings, CalPERS purchased 183,444 shares of Strategy so far this year. The estimated value is about $29 million.
Strategy is perceived in the market as a de facto 'spot Bitcoin ETF' substitute or a leveraged instrument because of its massive Bitcoin holdings. CalPERS's purchase is interpreted as a strategy to secure exposure to Bitcoin's upside within the traditional market structure of stocks while avoiding the regulatory or custody burdens of directly buying virtual assets.
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