South Korea’s National Pension Service (NPS), which commands over $1 trillion in assets, is drawing attention with its evolving crypto-focused stock portfolio in late 2025. During a sharp market downturn that saw Bitcoin plummet from roughly $126,000 to $88,000 in the fourth quarter, the fund increased its stake in Strategy by 20%. However, despite this move, both Bitcoin and the pension fund’s other crypto-linked equities ended the year with deeper losses.
Strategy Stock Increases Amid Steep Decline
According to its latest filing with the US Securities and Exchange Commission, NPS raised its Strategy holdings to 614,409 shares by the end of the quarter. This marked an increase of 102,769 shares compared to the previous quarter, lifting the holding’s total value to around $93.4 million. Strategy, recognized as the world’s largest institutional holder of Bitcoin with 717,722 tokens to its name, moves in close correlation with the cryptocurrency’s price. Since peaking in November 2024, shares have tumbled nearly 75%, and Strategy now ranks among some of the most shorted stocks on Wall Street.
Crypto-Linked Equities Face Broad Weakness
Beyond Strategy, NPS’s portfolio includes shares of Robinhood, Coinbase, and Block. At the close of the fourth quarter of 2025, the cumulative value of these holdings reached $437.9 million; in current market terms, that figure has dropped to about $337.9 million—a stark 23% decline. Robinhood, once the fund’s most valuable crypto equity, has lost 30% of its value over the past five months, while Coinbase shares have also posted conspicuous declines. Data shows the slump has affected all four companies in the portfolio, with share prices continuing their downward trend.
Index-Driven Buying and Policy Shifts
NPS has clarified that it does not maintain a direct investment policy regarding digital assets. Companies such as Strategy and Coinbase entered the portfolio due to their inclusion in the MSCI index, which the pension fund tracks for its US equity allocation. Crypto-related stocks make up just 0.25% of the fund’s US holdings, a proportion described as a marginal segment within the vast institution.
NPS emphasized that its inclusion of these companies was solely due to their presence in the benchmarked index, and reiterated that it has no strategy involving direct digital asset investment.
Meanwhile, the wider political landscape in South Korea is experiencing notable shifts. Ahead of the 2025 presidential election, major parties have signaled support for NPS taking more direct positions in digital assets. Financial regulators in the country have also started exploring initiatives that would facilitate institutional access to crypto markets.
Currently, the fund’s 614,409 Strategy shares equate to an indirect exposure of roughly 1,800 Bitcoin. Although NPS maintains that it has not made formal investments in cryptocurrencies, the value of its holdings fluctuates in tandem with overall movements in the Bitcoin and digital asset markets, owing to its positions in four crypto-associated firms.
Elsewhere, Strategy’s executive chairman, Michael Saylor, has continued acquiring Bitcoin irrespective of price swings. The company’s net asset value has slipped below its market capitalization, yet Saylor remains unwavering in his unwillingness to sell the amassed Bitcoin reserves.
Looking ahead, it remains unclear whether NPS will stick with its index-tracking investment approach or consider rebalancing its portfolio. The fund’s report for the first quarter of 2026 is anticipated by mid-May, and may offer further clues about future strategy.
