California Public Employees’ Retirement System (CalPERS), the largest U.S. public pension fund with over $550 billion in assets, has experienced an unrealized loss of approximately $64 million on its investment in Michael Saylor’s bitcoin-focused firm, Strategy. According to a recent SEC filing, CalPERS acquired 448,157 Strategy (MSTR) shares for $144 million during the third quarter of this year. As MSTR shares have dropped approximately 45% since then, the pension fund’s stake is now valued at around $80 million. This drop in share price reflects a trend in investor sentiment toward Strategy which has become increasingly negative following a record $19 billion crypto market liquidation on October 10th.