CalPERS loses $64 million because of Michael Saylor’s strategy

The California Public Employees’ Retirement System (CalPERS), the largest public pension plan in the United States with more than $550 billion in assets, is sitting on an unrealized loss of approximately $64 million in Michael Saylor’s Bitcoin treasury company strategy.

According to a recent filing with the United States Securities and Exchange Commission (SEC), CalPERS acquired 448,157 shares of Strategy (MSTR) in the third quarter of this year for $144 million.

While MSTR shares have fallen about 45% so far this quarter, the pension fund’s stake is now valued at around 80 million dollars.

Strategy share price (Source: Google Finance)

The strategy faces the risk of delisting from MSCI

Investor SenseThe strategy’s bias, often seen as a leveraged indicator of Bitcoin’s price, has turned sharply negative since the crypto market’s record $19 billion selloff on October 10.

Adding to its problems is a recent warning from Wall Street giant JPMorgan that it could lose up to $12 billion in buying potential if MSCI and other index providers remove it from their indexes.

MSCI said it is considering delisting companies that hold more than 50% of their assets in crypto, with the decision expected on January 15. She added that some crypto treasury companies might be more like investment funds that are not eligible for inclusion in its indices.

Saylor commented on MSCI’s impending decision by stating that Strategy is “neither a fund, nor a trust, nor a holding company.”

Answer to the question about the MSCI index

Strategy is not a fund, trust or holding company. We are a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

This year alone we completed…

-Michael Saylor (@saylor) November 21, 2025

“The index classification does not define us,” he added. “Our strategy is long-term, our belief in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.”

The strategy’s BTC buying streak ends

Strategy pioneered the crypto cash trend when it began purchasing Bitcoin in 2020 as part of a corporate reserve plan. Over the years, the company has continued to grow its crypto holdings and is now the largest Bitcoin treasury company, with 649,870 BTC on its balance sheet, according to Bitcoin Treasuries. data.

Even with the recent crypto market crisis, Strategy stuck to its plan and increased its reserves with a series of acquisitions during a period that saw other crypto treasury companies curb their purchases.

The strategy relied on a six-week Bitcoin buying spree. However, this streak ended this week, with no new BTC purchases.

The decision to stop its Bitcoin purchases came just a week after the company made its decision. the biggest acquisition in months on November 17, when the company announced that it purchased 8,178 BTC for approximately $836 million, at an average price of $102,171 per coin.

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