Several U.S. public pension funds suffered heavy losses after investing in Strategy led by Michael Saylor, the report said.
The pension funds were estimated to have lost about $337 million so far after taking part in Strategy’s high-risk strategy focused on bitcoin.
Of 11 funds, 10 lost nearly 60 percent of their investment, and Strategy shares fell 67 percent. This is seen as the result of a sharp drop in bitcoin prices in recent months. Strategy is effectively a bitcoin-holding company, and its share price has moved in tandem with the cryptocurrency market.
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Chi-gyu Hwang
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