The California Public Employees’ Retirement System (CalPERS), the largest public pension plan in the US with over $550 billion in assets, is currently holding an unrealized loss of approximately $64 million in Michael Saylor’s Bitcoin treasury firm, Strategy.
According to a recent filing with the US Securities and Exchange Commission (SEC), CalPERS acquired 448,157 Strategy (MSTR) shares in the third quarter of this year for $144 million. With MSTR shares having plunged about 45% so far this quarter, the pension fund’s stake is now valued at approximately $80 million.
Strategy Faces MSCI Delisting Risk
Investor sentiment toward Strategy, often regarded as a leveraged proxy for the price of Bitcoin, has turned sharply negative since the record $19 billion crypto market liquidation on October 10.
Adding to its challenges, Wall Street giant JPMorgan recently issued a warning that Strategy could lose up to $12 billion in buying potential if MSCI and other index providers remove it from their indexes.
MSCI has indicated it is considering delisting companies that hold more than 50% of their assets in crypto, with a decision expected by January 15. The firm also noted that some crypto treasury companies might more closely resemble investment funds that are ineligible for inclusion in its indexes.
Michael Saylor addressed the pending MSCI decision, stating that Strategy is “not a fund, not a trust, and not a holding company.”
Response to MSCI Index Matter
Strategy is not a fund, not a trust, and not a holding company. We’re 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’ve completed…
— Michael Saylor (@saylor) November 21, 2025
He further commented, “Index classification doesn’t define us. Our strategy is long-term, our conviction 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.”
Strategy’s Bitcoin Buying Streak Ends
Strategy pioneered the crypto treasury trend when it began purchasing Bitcoin in 2020 as part of a corporate reserve plan. Over the years, the company has consistently expanded its crypto holdings and is now the largest Bitcoin treasury firm, holding 649,870 BTC on its balance sheet, according to Bitcoin Treasuries data.
Despite the recent slump in the crypto market, Strategy maintained its plan and increased its reserves through a series of acquisitions during a period when other crypto treasury firms paused their buying activities.
Strategy had been on a six-week Bitcoin buying spree. However, this streak concluded this week with no new BTC purchases reported.
The decision to halt its Bitcoin purchases came just one week after the company made its largest acquisition in months on November 17. On that date, the firm announced it had bought 8,178 BTC for approximately $836 million, at an average price of $102,171 per coin.