The National Pension Service of South Korea, the world's third-largest pension fund, reported a 28% decline in its cryptocurrency-related stock portfolio during Q4 2025. This marks the first decrease since mid-2023, with holdings dropping from 880 billion won to 640 billion won ($437.86 million). The downturn reflects broader market turbulence that began in October 2025. The pension fund's investments in companies like MicroStrategy, Coinbase, Block, and Robinhood were affected by the market decline. These firms, integral to the digital asset ecosystem, saw their stock prices fall due to the global downturn in digital asset markets. The NPS, with over $800 billion in assets, operates conservatively, and its investment decisions are closely watched by global financial observers. The decline highlights the challenges of integrating volatile digital assets into conservative portfolios. As other global pension funds consider digital asset strategies, the NPS's experience underscores the importance of cautious, well-assessed approaches to cryptocurrency exposure.