At a recent CalPERS board forum, six candidates for the pension fund’s oversight seats split sharply over cryptocurrency. The debate focused on whether the $506 billion system should hold Bitcoin directly or rely on indirect exposure.
CalPERS currently holds 410,596 shares of MicroStrategy (now Strategy), reported at $165.9 million in the Q2 13F filing — a position that gives the fund substantial indirect exposure to Bitcoin through the company’s corporate treasury strategy.
Tensions surfaced early. Incumbent David Miller said cryptocurrency “should not have a seat on our board,” while challenger Dominick Bei pointed out the contradiction of opposing direct Bitcoin investment while owning MicroStrategy shares. MicroStrategy’s parent now controls over 636,505 BTC (worth more than $70 billion), making it a common institutional vehicle for crypto exposure.
Views among challengers varied. Komodo Platform CTO Kadan Stadelmann argued Bitcoin can be a hedge against inflation and urged CalPERS to consider self-custody rather than relying on intermediaries. By contrast, Steve Mermell compared crypto to past financial disasters and bluntly answered “Hell no!” to adding it to the pension portfolio. Troy Johnson said he would be “wary” but wouldn’t “close the door entirely.”
Some incumbents separated blockchain from cryptocurrencies. Jose Luis Pacheco rejected Bitcoin as a pension asset while calling blockchain “an emerging technology with promise” and recommending further study via partnerships and research.
Other U.S. public funds are increasing crypto exposure: Michigan tripled Bitcoin ETF holdings to $11.4 million, Wisconsin holds over $387 million in Bitcoin ETFs, and Florida maintains 240,026 MicroStrategy shares (≈$97 million).
The November election will shape whether CalPERS continues its indirect approach or opens debate on direct digital-asset investment. Readers should note crypto’s high volatility and custody complexities when evaluating pension exposure to digital assets.
Source: Decrypt. Read the original coverage for full details.
