California Pension Fund CalPERS Split Over Crypto
CalPERS Divided On Bitcoin At Candidate Forum
The largest public pension fund in the United States, the California Public Employees’ Retirement System (CalPERS), became the focus of debate during the latest Board of Administration candidate forum. Six candidates competing for seats expressed conflicting views on whether Bitcoin should be added to the fund’s more than $500 billion portfolio.
Although CalPERS does not currently purchase Bitcoin directly, its Q2 2025 report shows the fund holds 410,596 shares of Strategy (formerly MicroStrategy) valued at approximately $165.9 million, giving it indirect exposure to over 636,505 BTC that the company owns.
Conflicting Views On The Board
Incumbent David Miller strongly opposed Bitcoin, declaring that “cryptocurrency should not have a seat on our board and never should."
Challenger Dominick Bei countered, highlighting that the fund already indirectly holds a large amount of Bitcoin through Strategy, questioning why direct investment is opposed while indirect exposure is maintained.
Candidate Steve Mermell bluntly answered “Hell no!” when asked about crypto, comparing it to past financial disasters such as Orange County’s bankruptcy and Enron.
By contrast, Troy Johnson took a more cautious but open stance, saying: “I’m wary of highly volatile assets like crypto, but I wouldn’t rule it out forever.”
Another incumbent, Jose Luis Pacheco, also rejected Bitcoin but described blockchain as an emerging technology with potential, suggesting CalPERS should explore opportunities through partnerships and pilot projects.
Is Bitcoin Too “Risky” For Pensions?
Some experts argue that CalPERS is being overly cautious. Kadan Stadelmann, CTO of Komodo Platform, said: “Bitcoin is not too volatile for pensions, especially in an inflationary environment. The market has clearly chosen Bitcoin as a store of value.”
He added that CalPERS should consider holding Bitcoin directly in self-custody rather than only indirectly through intermediary companies.
Other Pension Funds Expanding Crypto Exposure
While CalPERS remains divided, other U.S. pension funds are significantly increasing their Bitcoin exposure. Michigan State Pension tripled its Bitcoin ETF holdings to 300,000 shares worth $11.4 million. Wisconsin Investment Board holds more than $387 million in Bitcoin ETFs. Florida Retirement System owns 240,026 shares of Strategy valued at $97 million.
Conclusion
The November election will determine whether CalPERS continues its “indirect” Bitcoin exposure strategy or considers a bolder step—direct investment in digital assets. While debate continues, the reality is that crypto is increasingly entering the U.S. pension system, from ETFs to shares of companies holding Bitcoin.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.