South Korea’s National Pension Fund (NPS), which manages more than $1 trillion in assets, is attracting attention with a revamped portfolio of crypto-focused stocks in the last quarter of 2025. The fund increased its stake in Strategy by 20 percent in the fourth quarter, when the price of Bitcoin dropped sharply from approximately $126,000 to $88,000. However, Bitcoin and other crypto-related stocks in the portfolio lost even more value at the end of the year.
Increase and Decrease in Value of Strategy Shares
In its latest filing with the U.S. Securities and Exchange Commission, NPS increased its Strategy shares to 614,409 shares at the end of the quarter. This amount indicates an increase of 102,769 shares compared to the previous quarter. The portfolio value is approximately 93.4 million dollars. The company is the largest holder of Bitcoin in the corporate field, with 717,722 Bitcoins. Strategy shares are indexed to the Bitcoin price and have lost around 75 percent of their value since the peak in November 2024. The stock currently stands out as one of Wall Street’s most short-sold assets.
Overall Chart on Crypto-Linked Stocks
Apart from Strategy, the NPS portfolio also includes Robinhood, Coinbase and Block stocks. While the total value of the portfolio was 437.9 million dollars at the end of the fourth quarter of 2025, this figure decreased to 337.9 million dollars under current market conditions. The loss of value was 23 percent. Both Robinhood and Coinbase stocks have also experienced significant declines since the end of the year. While Robinhood is NPS’s most valuable crypto share, its 30 percent loss in value in the last five months is noteworthy. When looked at on a stock basis, the decline continued for all four companies.
Index-Based Purchasing and Political Changes
NPS stated that it does not have a direct investment policy in digital assets, and companies such as Strategy and Coinbase are included in the portfolio within the scope of the MSCI index. The share of crypto-related stocks in the fund’s portfolio allocated to US stocks is 0.25 percent. It was reported that this was a very small proportion of the entire institution.
In its statement, NPS noted that these companies are included in the portfolio because they are included in the index followed by the fund, and that they do not have direct investment strategies in digital assets.
However, there have been significant changes in the political environment of the country recently. In the 2025 presidential elections, major parties announced that they would support NPS investing directly in digital assets. South Korean financial authorities have also begun to take steps to pave the way for institutional investors to participate in crypto markets.
Currently with 614,409 Strategy shares, the fund’s indirect exposure to Bitcoin is calculated at approximately 1,800 BTC. The value of the fund, through four different crypto-related companies, is affected by fluctuations in the Bitcoin and crypto markets, although it is stated that it is not officially invested.
On the other hand, Strategy’s Chairman of the Board, Michael Saylor, has been buying Bitcoin for a long time, regardless of price movement. The company’s net asset value relative to its market value fell below 1, and Saylor shared that he did not plan to sell his Bitcoin.
It is not yet clear whether it would be more attractive for NPS to continue tracking the index or to rebalance the portfolio. The report for the first quarter of 2026 is expected to be published in mid-May.
