CalPERS’ $165.9 million indirect Bitcoin exposure through Strategy stock intensified debate at a candidate forum, where board contenders clashed over whether pensions should directly hold cryptocurrency.
CalPERS, managing $506 billion in assets, indirectly holds $165.9 million in Bitcoin exposure through 410,000 shares of Strategy stock. At a recent candidate forum, six board contenders voiced sharply divided views. Incumbent David Miller rejected Bitcoin entirely, while challenger Dominick Bei criticized the fund’s contradictory position. Other candidates drew parallels to financial crises, stressed caution, or supported blockchain research while opposing Bitcoin investment.