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