The California Public Employees' Retirement System increased its stake in Strategy during the fourth quarter of 2025, adding 22,475 shares to bring its total position to 470,632 shares valued at approximately $59 million, according to the pension fund's 13F filing covering holdings as of December 31, 2025.
The addition represents a 5% increase from CalPERS' prior quarter position of 448,157 shares, which the fund initially disclosed in its Q3 2025 filing. The purchase follows a similar move by Ohio's State Teachers Retirement System, which increased its MSTR position by 16.6% during Q4 to 87,689 shares valued at $11 million, signaling growing pension fund interest in bitcoin exposure through regulated equity vehicles.
CalPERS, which manages approximately $610 billion for more than 2 million California public sector workers and retirees, is the largest U.S. public pension fund. The Strategy position represents roughly 0.01% of total assets.
CalPERS added shares during a period when Strategy dominated corporate bitcoin accumulation — purchasing 40,150 BTC in January 2026 alone, representing 97.5% of all public company additions for the month.
Strategy holds 714,644 BTC at an average cost of approximately $76,056 per coin.