The largest public pension fund in the United States — California State Public Employees' Retirement System (CalPERS) — has resumed purchases of MicroStrategy (MSTR) shares.

According to the latest disclosure, the fund bought 22,000 shares last week.

CalPERS is:

• the largest U.S. pension fund by assets
• a long-term institutional allocator
• typically conservative in positioning

Renewed buying suggests:

📊 continued institutional tolerance for Bitcoin exposure via equity proxy 🏦 confidence in Strategy’s treasury model 💰 strategic positioning during volatility

Strategy remains one of the most leveraged public equity plays on Bitcoin.

Institutional accumulation of MSTR often signals:

• indirect BTC conviction
• acceptance of volatility in exchange for asymmetric upside
• long-duration allocation thesis

While 22,000 shares is not a massive position relative to total fund assets, the symbolic signal from the largest U.S. pension fund is notable.

If institutional flows into MSTR continue, it may reinforce the narrative of growing structural acceptance of Bitcoin-linked exposure within traditional portfolios.