Key Takeaways Strategy’s leveraged Bitcoin strategy has inflicted major paper losses on U.S. public pension funds as crypto volatility intensified. Eleven state pension funds hold roughly 1.8 million MSTR shares, now valued at about $240 million after an estimated $337 million in unrealized losses. The largest exposures include CalPERS, New York State, and Florida, reigniting concerns about fiduciary responsibility and risk management for retiree savings. Strategy (formerly MicroStrategy) has long ...