South Korea’s $1T Pension Fund Boosted MicroStrategy Stake — Then Suffered Deep Crypto Losses
The National Pension Service (NPS), South Korea’s roughly $1 trillion public pension fund, increased its MicroStrategy (MSTR) position in Q4 2025 and then watched that indirect Bitcoin exposure deteriorate as crypto-linked equities sold off. The key takeaway is that second-order Bitcoin exposure can still deliver first-order volatility for institutions, even when the overall portfolio is […]
Intesa Sanpaolo Disclosed $96 Million in Spot Bitcoin ETFs and a $184.6 Million Put on MicroStrategy
Intesa Sanpaolo disclosed roughly $96 million in spot Bitcoin exchange-traded funds in its U.S. Form 13F for Q4 2025, a meaningful allocation to regulated crypto products by Italy’s largest bank. The filing signals that a major European bank is using mainstream market infrastructure to express crypto exposure rather than building a bespoke on-chain stack.