California Public Employees’ Retirement System, the largest public pension fund in the U.S., holds 381,048 shares of Strategy (NASDAQ: MSTR) valued at about $35.5 million, BitcoinTreasuries.net reported. The stake has fallen from last November, when CalPERS held 448,000 shares worth about $80 million, showing a marked drop in both the number of shares held and the value of the position. CalPERS manages about $637 billion in assets and serves more than two million public employees, retirees and other members.