Largest US pension faces losses as Strategy buy falls from $144M to $80M

The California Public Employees’ Retirement System (CalPERS), the largest US public pension fund, has experienced a significant drawdown on its initial investment in MicroStrategy (MSTR) stock. CalPERS acquired 448,157 MSTR shares for over $144 million in the third quarter, but the position is now valued at only $80 million, reflecting a sharp decline in MSTR's stock price. This slump is attributed to MSTR's high correlation with Bitcoin's recent price volatility and broader risk-off market conditions. Despite the loss, this investment constitutes a very small fraction of CalPERS' total portfolio, which manages over $550 billion in assets. The decline was also influenced by negative sentiment following a JPMorgan warning about potential outflows if MSTR were excluded from major benchmarks, although some in the crypto community suggested this was FUD spread by JPMorgan due to its own derivative positions in the stock.

(Source：Crypto Briefing)