California state pension fund CalPERS recorded mixed reactions from board candidates on crypto investments during Wednesday's forum, despite the system holding shares in Bitcoin treasury company Strategy, previously known as MicroStrategy.
The six candidates vying for seats on the California Public Employees' Retirement System Board of Administration expressed divided views when asked whether Bitcoin should be included in the $506 billion fund's portfolio.
CalPERS holds 410,596 Strategy shares valued at $165.9 million according to its Q2 13F filing, giving the pension system substantial indirect Bitcoin exposure through the company.
The forum opened with tensions as incumbent David Miller attacked challenger Dominick Bei during opening statements, saying "cryptocurrency should not have a seat on our board and never should," while referencing Bei's Bitcoin education nonprofit, Proof of Workforce.
CalPERS "owns shares in the largest bitcoin holding company in the world, MicroStrategy," Bei rebuked, questioning why the fund maintains substantial indirect exposure while candidates oppose direct investment.
Michael Saylor’s Strategy holds over 636,505 BTC worth over $70 billion, making it a popular vehicle for institutional crypto exposure without direct purchases.
Miller attempted to reconcile this apparent contradiction, saying "investing in a business that's working with Bitcoin transactions is a very different game than direct investment in buying Bitcoin."
Kadan Stadelmann, Chief Technology Officer at Komodo Platform, told Decrypt that "Bitcoin is certainly not too volatile for pensions, especially in light of inflation." The market has "clearly chosen Bitcoin as a store of value," he said.
He noted CalPERS is "basically too scared to invest directly into Bitcoin" and has "a duty to hold Bitcoin in self-custody so the public is actually holding bitcoins, and not promises from middlemen."
Meanwhile, challenger Steve Mermell declared "Hell no!" when asked about crypto's place in CalPERS.
He compared crypto to past financial disasters such as Orange County bankruptcy and Enron, calling it "opaque" and saying "it has no place in a pension system."
Challenger Troy Johnson took a more nuanced stance, acknowledging concerns while remaining open to future consideration.
"I'm very wary of hyper-sensitive investments like crypto," he said, but added he wouldn't "close the door entirely on it."
The split extended to how candidates viewed blockchain technology versus direct crypto investment.
Incumbent Jose Luis Pacheco rejected the possibility of Bitcoin as an investment while calling blockchain "an emerging technology with promise," suggesting CalPERS "should study this opportunity through partnerships and research."
Meanwhile, other state pension funds have increased their crypto exposure, with Michigan's state pension tripling its Bitcoin ETF holdings to $11.4 million in Q2, Wisconsin's Investment Board holding over $387 million in Bitcoin ETF shares, and Florida's retirement system maintaining 240,026 Strategy shares worth $97 million.
The November election will determine whether CalPERS continues its current approach of indirect crypto exposure or potentially opens discussions about direct digital asset investment.
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