South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund managing over $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 roughly $88,000.
The fund now appears to be sitting on deepening losses. $BTC has since dropped to around $67,000, and all four crypto-related stocks in the NPS portfolio have fallen further from their year-end levels.
What the Filing Shows
According to a 13F filing submitted to the US Securities and Exchange Commission on February 9, 2026, NPS held 614,409 shares of Strategy as of December 31, 2025 — up from 511,640 shares at the end of Q3, an increase of 102,769 shares. The position was valued at approximately $93.4 million at quarter-end.
Strategy is the world’s largest corporate Bitcoin holder with 717,722 $BTC on its balance sheet, acquired at an average cost of $75,950 per coin. The company’s stock functions as a leveraged proxy for Bitcoin’s price — and has fallen accordingly. MSTR is down 75% from its November 2024 all-time high of $457 and is currently the most-shorted stock on Wall Street, per Goldman Sachs.
NPS first bought Strategy shares in Q2 2024, when it acquired 24,500 pre-split shares (245,000 post-split) at approximately $34 million. It has since added to the position in most quarters.
The sharp drop in value between Q2 and Q4 — from $205 million to $93 million despite more shares — reflects the collapse in Strategy’s stock price over that period.
Four Crypto Stocks, All Falling
Strategy is part of a broader crypto-stock portfolio that NPS holds across four companies. Here is how each stood at year-end, alongside current prices as of February 27, 2026:
The combined portfolio peaked at approximately $608 million at the end of Q3 2025. Based on current stock prices, it has fallen to an estimated $338 million — a decline of roughly 44% in five months.
Robinhood, which NPS first added in Q1 2025, remains the largest position by value despite losing 30% since year-end. It overtook Strategy as the top crypto holding in Q3 2025.
Benchmark Tracking, Not a Bitcoin Bet — Officially
NPS has maintained that its crypto-stock holdings are not a deliberate bet on digital assets. In a September 2024 response to the Korean National Assembly, the fund said it does not consider virtual assets an investment target. The positions exist because companies like Strategy and Coinbase are included in the MSCI benchmark index that NPS tracks for its overseas equity allocation.
The crypto-stock portfolio represents roughly 0.25% of NPS’s $135 billion US equity portfolio — a rounding error in institutional terms for a fund managing over $1 trillion in total assets.
But the political landscape is shifting. During the 2025 presidential election, both major parties pledged to allow NPS to invest directly in digital assets — a marked departure from the fund’s official stance. South Korea’s financial regulator has also begun allowing corporate participation in crypto markets, signaling a broader institutional opening.
For now, the practical effect is already material: at 614,409 Strategy shares, NPS holds indirect Bitcoin exposure equivalent to roughly 1,800 $BTC. Across all four stocks, the fund’s fortunes are tied to an asset class it officially says it does not invest in.
What Comes Next
Strategy’s Executive Chairman Michael Saylor continues to buy Bitcoin regardless of price, executing the company’s 100th purchase in late February 2026. The company’s mNAV has fallen below 1.0, meaning its stock trades at a discount to the Bitcoin on its balance sheet. Saylor has stated he has no plans to sell.
For NPS, the question is whether passive index tracking will lead to further accumulation at depressed levels — or whether a rebalancing event triggers a reduction. The fund’s next 13F, covering Q1 2026, is due by mid-May.
