South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund that manages more than $1 trillion on behalf of the country’s retirees, expanded its position in Strategy Inc (MSTR) by 20% during the fourth quarter of 2025, a period in which Bitcoin fell from a cycle high near $126,000 to around $88,000.
The fund now appears to be facing increasing losses. Since then, BTC has fallen to around $67,000, and the four cryptocurrency-related stocks in NPS’s portfolio have fallen further from their year-end levels.
What the presentation shows
According to a 13F filing filed with the U.S. Securities and Exchange Commission on February 9, 2026, NPS owned 614,409 shares of Strategy as of December 31, 2025, up from 511,640 shares at the end of the third quarter, an increase of 102,769 shares. The position was valued at approximately $93.4 million at the end of the quarter.
Strategy is the world’s largest corporate Bitcoin holder with 717,722 BTC on its balance sheet, purchased at an average cost of $75,950 per coin. The company’s shares function as a leveraged indicator of the price of Bitcoin and have fallen accordingly. MSTR is down 75% from its November 2024 all-time high of $457 and is currently the best-selling stock on Wall Street, according to Goldman Sachs.
NPS first bought Strategy shares in the second quarter of 2024, when it acquired 24,500 shares before the split (245,000 after the split) for approximately $34 million. Since then, it has increased the position in most sectors.
| Room | Actions | Approx. Worth | Change |
|---|---|---|---|
| Second quarter of 2024 | 245,000 | ~$34 million | Starting position |
| Fourth quarter of 2024 | 217,100 | ~$63 million | cut |
| First quarter of 2025 | 289,735 | ~84 million dollars | +72,635 shares |
| Second quarter of 2025 | 507,093 | ~$205 million | +217,358 shares |
| Third quarter of 2025 | 511,640 | ~$165 million | +4,547 shares |
| Fourth quarter of 2025 | 614,409 | ~$93 million | +102,769 shares |
The sharp drop in value between the second and fourth quarters (from $205 million to $93 million despite holding more shares) reflects the collapse of Strategy’s share price during that period.
Four cryptocurrency stocks, all falling
The strategy is part of a broader portfolio of crypto stocks that NPS owns in four companies. Here’s where each stood at the end of the year, along with current prices as of February 27, 2026:
| Stock | Actions | Final value of the fourth quarter | Current price | Est. Current value | Since the end of the fourth quarter |
|---|---|---|---|---|---|
| Strategy (MSTR) | 614,409 | 93.4 million dollars | $133.40 | ~$82.0 million | -12% |
| Robinhood (BELL) | 1,970,461 | $222.9 million | $79.45 | ~$156.5 million | -30% |
| Coinbase (currency) | 298,117 | 67.4 million dollars | $181.06 | ~$54.0 million | -20% |
| Block (XYZ) | 833,124 | $54.2 million | $54.53 | ~$45.4 million | -16% |
| Total | $437.9 million | ~$337.9 million | -23% |
The combined portfolio peaked at about $608 million at the end of the third quarter of 2025. Based on current share prices, it has fallen to an estimated $338 million, a decline of about 44% in five months.
Robinhood, which NPS first added in the first quarter of 2025, remains the largest holding by value despite losing 30% since the end of the year. It overtook Strategy as the top cryptocurrency holding in Q3 2025.
Referral Tracking, Not a Bitcoin Bet, Officially
NPS has maintained that its cryptocurrency stock holdings are not a deliberate bet on digital assets. In a September 2024 response to Korea’s National Assembly, the fund said it does not consider virtual assets an investment objective. The positions exist because companies like Strategy and Coinbase are included in the MSCI benchmark index that NPS tracks for its overseas stock allocation.
The crypto stock portfolio represents about 0.25% of NPS’s $135 billion U.S. equity portfolio, a rounding error in institutional terms for a fund that manages more than $1 trillion in total assets.
But the political landscape is changing. During the 2025 presidential election, both major parties pledged to allow NPS to invest directly in digital assets, a sharp departure from the fund’s official stance. South Korea’s financial regulator has also begun allowing corporate participation in crypto markets, signaling broader institutional openness.
For now, the practical effect is already material: with 614,409 Strategy shares, NPS has an indirect exposure to Bitcoin equivalent to approximately 1,800 BTC. In all four stocks, the fund’s fortunes are tied to an asset class in which it officially says it does not invest.
What comes next?
Strategy CEO Michael Saylor continues to buy Bitcoin regardless of price and executed the company’s 100th purchase in late February 2026. The company’s mNAV has fallen below 1.0, meaning its shares are trading at a discount to Bitcoin on its balance sheet. Saylor has stated that he has no plans to sell.
For the NPS, the question is whether passive tracking of the index will lead to further accumulation at depressed levels, or whether a rebalancing event triggers a drawdown. The fund’s next 13F, which covers the first quarter of 2026, is due in mid-May.
