South Korea’s National Pension Service (NPS) increased its investment in MicroStrategy by 20% in late 2025, despite a significant decline in Bitcoin and related cryptocurrency stocks. According to NS3.AI, the pension fund's crypto-stock portfolio has decreased by approximately 44% over the past five months, currently valued at around $338 million, down from $608 million in the third quarter of 2025. While NPS states that its crypto holdings are a result of benchmark tracking rather than direct investment in cryptocurrencies, changes in regulatory and political support could potentially lead to a shift towards direct crypto exposure.