NPS Expands Strategy (MSTR) Holdings as Bitcoin Slumps, Crypto Stocks Slide 44%

South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund with more than $1 trillion in assets under management, increased its stake in Strategy Inc. (NASDAQ: MSTR) by 20% in the fourth quarter of 2025, even as Bitcoin tumbled from a cycle high near $126,000 to around $88,000. Since then, BTC has fallen further to roughly $67,000, deepening losses across NPS’s crypto-related stock portfolio.

According to a 13F filing submitted to the U.S. 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 in Q3. The position was valued at approximately $93.4 million at year-end. Strategy, the largest corporate Bitcoin holder with 717,722 BTC acquired at an average price of $75,950, is widely viewed as a leveraged Bitcoin proxy. MSTR stock has fallen 75% from its November 2024 peak of $457 and is currently one of the most shorted stocks on Wall Street.

NPS first initiated its Strategy position in Q2 2024 and has adjusted holdings nearly every quarter since. Despite increasing share count, the value of its stake dropped sharply from $205 million in Q2 2025 to $93 million in Q4 due to the collapse in MSTR’s share price.

Beyond Strategy, NPS holds Robinhood (HOOD), Coinbase (COIN), and Block (XYZ), creating a combined crypto-stock portfolio worth $437.9 million at the end of Q4 2025. Based on current prices, that total has declined to roughly $338 million, a 44% drop from its Q3 2025 peak of $608 million. Robinhood remains the largest holding despite a 30% decline since year-end.

NPS maintains that its exposure to Bitcoin and crypto stocks stems from MSCI index tracking rather than an active digital asset strategy. These positions account for just 0.25% of its $135 billion U.S. equity allocation. However, with South Korea’s political leaders signaling support for direct digital asset investment and regulators easing restrictions, institutional crypto exposure may continue evolving.