CalPERS, the largest public pension fund in the United States, reported holding roughly $35.5 million of Strategy Inc. shares, giving more than 2 million California state workers and retirees indirect exposure to Bitcoin through a publicly traded stock. Strategy, formerly MicroStrategy, holds more than 629,000 BTC and has effectively tied its corporate identity to a Bitcoin treasury strategy (company use of Bitcoin as a reserve asset), making its shares a higher-beta play (more volatile than the underlying asset) on Bitcoin's price moves. The pension fund's position had previously exceeded $144 million, then fell to around $80 million by late 2025 as Strategy shares and Bitcoin fluctuated, even as CalPERS added 22,475 shares in the fourth quarter of 2025. Strategy also sold 32 BTC for $2.5 million in May 2026, its first Bitcoin sale since 2022, breaking a long run of accumulation.