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South Korea’s National Pension Service (NPS), managing over $1 trillion in assets, is drawing attention for its strategic shifts towards crypto-related stocks as of late 2025. This comes during a volatile period marked by Bitcoin‘s sharp fall from approximately $126,000 to $88,000 in the fourth quarter. Despite the turmoil, NPS boosted its stake in Strategy by 20%. However, the downturn left both Bitcoin and NPS’s crypto-related investments recording significant losses by year-end.
How Did NPS’s Strategy Stock Holdings Evolve?
Filings with the US Securities and Exchange Commission revealed that NPS increased its Strategy holdings to 614,409 shares by the quarter’s end. This was a notable rise of 102,769 shares from the previous quarter, elevating the investment’s value to an estimated $93.4 million. Recognized as the world’s largest institutional Bitcoin holder, Strategy closely mirrors Bitcoin’s price movements, and its shares have plummeted about 75% since their peak in November 2024.
What Challenges Are Crypto Equities Facing?
NPS’s portfolio also includes shares in Robinhood, Coinbase, and Block. By the end of Q4 2025, these holdings were valued at $437.9 million. However, prevailing market conditions have since reduced this figure by 23% to approximately $337.9 million. Robinhood experienced a 30% plunge in value over five months, while Coinbase shares faced similar challenges. Data highlights a persistent decline affecting all four companies.
NPS does not pursue a direct digital asset investment strategy. Strategy and Coinbase were added to the portfolio as part of the MSCI index, which NPS tracks for its US equities. Crypto-related shares constitute only 0.25% of NPS’s US assets, a minimal fraction of the total holdings.
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.
Political dynamics in South Korea are shifting, as major parties signal potential support for NPS to invest directly in digital assets ahead of the 2025 presidential election. Additionally, regulators are exploring options to enhance institutional participation in the crypto market.
– NPS’s 614,409 Strategy shares equate to an indirect exposure of about 1,800 Bitcoin.
– Despite no formal investments in crypto, NPS’s positions are influenced by Bitcoin market changes.
– Strategy’s executive, Michael Saylor, remains committed to increasing Bitcoin holdings regardless of price.
Prospects remain uncertain regarding whether NPS will continue with its index-driven approach or opt for portfolio reevaluation. Expectations surround the release of NPS’s first-quarter 2026 report in mid-May for clues on future directions.