South Korea's National Pension Service (NPS), the world's third-largest public pension fund managing over $1 trillion in assets—has significantly increased its investment in Strategy Inc. (MSTR) by 20.09% during the fourth quarter of 2025.
According to the NPS's latest 13F filing submitted to the U.S. Securities and Exchange Commission on February 10, 2026, for the period ending December 31, 2025, the fund now holds 614,409 shares of Strategy Inc, valued at approximately $93.36 million at quarter-end prices. This represents a net addition of 102,769 shares compared to the prior quarter (ending September 30, 2025), when the position stood at 511,640 shares.
The increase underscores growing institutional enthusiasm for Strategy's unique strategy as a leading corporate holder of Bitcoin. By scaling up its stake, the NPS joins a wave of sophisticated investors viewing MSTR as an attractive, regulated way to gain exposure to Bitcoin's long-term potential through a publicly traded equity.
The holding remains a modest allocation—about 0.069%—within the NPS's massive $135 billion U.S. equity portfolio spanning 561 holdings, allowing the fund to diversify while capitalizing on high-conviction opportunities.
Institutional adoption of Bitcoin proxies like Strategy continues to accelerate, signaling broader mainstream acceptance of digital assets in traditional portfolios.