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 ...

Core Viewpoint - SRx Health Solutions, Inc. has increased its ownership in Opendoor Technologies Inc., a prominent digital platform for residential real estate transactions, while also reducing its short position in Bitcoin and Ethereum, resulting in a net long position in its cryptocurrency holdings [1] Group 1: Company Actions - The company has announced an increase in its stake in Opendoor Technologies Inc. [1] - SRx Health Solutions has further reduced its short position in its cryptocurrency portfolio, specifically in Bitcoin and Ethereum [1] - The company is now net long in its cryptocurrency holdings, indicating a shift in investment strategy [1]

Core Insights - Bitcoin's price volatility has led many investors to view price drops as buying opportunities rather than reasons to exit the market [1] - The landscape for purchasing bitcoin has evolved, becoming more regulated and integrated into institutional finance [1] Buying Bitcoin - There are multiple avenues to buy bitcoin, including crypto exchanges, fintech apps, and traditional brokerages offering bitcoin ETFs [2] - Investors must decide between full ownership of bitcoin with private keys or easier exposure through regulated systems [2] Platforms for Purchase - Centralized exchanges like Coinbase, Kraken, and Gemini provide a wide range of features and security for digital asset trading [5][6][7] - Fintech apps such as Robinhood, PayPal, and Cash App offer convenience for purchasing bitcoin, though they may have hidden fees [8][9] Bitcoin ETFs - Bitcoin ETFs have gained popularity since receiving regulatory approval in January 2024, attracting approximately $110 billion in investments within the first year [12] - These ETFs allow investors to gain exposure to bitcoin without needing a dedicated wallet or private keys, simplifying the investment process [13] Account Setup and Verification - Setting up an account typically involves identity verification through a KYC process, which is designed to comply with anti-fraud regulations [15][16] - Most platforms allow for quick approval, enabling users to start buying bitcoin within minutes [16] Funding and Buying Process - Users can fund their accounts through various methods, including bank transfers, debit/credit cards, and payment apps [18][25] - Once funded, users can place market or limit orders to buy bitcoin, with dollar-cost averaging being a recommended strategy for beginners [19][20] Security and Custody - Keeping bitcoin secure is crucial, with options for software wallets (hot wallets) and hardware wallets (cold wallets) available [21][22] - Best practices for custody include safeguarding seed phrases and considering self-custody for larger amounts of bitcoin [26][27] Fees and Taxes - Investors should be aware of fees and spreads associated with trading bitcoin, as these can impact overall returns [28][29] - Cryptocurrency transactions are taxable events, and brokers will begin reporting cost basis for crypto sales starting in 2026 [32][33]

Core Insights - MicroStrategy (MSTR) has experienced a significant decline in stock value, losing 62.66% over the past year and 28.22% in the last month, primarily due to the drop in Bitcoin prices [1] - The company holds 713,502 bitcoins with a cost basis of $76,052 per coin, while Bitcoin is currently trading at $68,840, indicating that the company is underwater on its investment [1] - MicroStrategy reported a net loss of $12.44 billion for Q4 2025, driven by $17.44 billion in unrealized losses on digital assets [1] Company Performance - MicroStrategy's stock price fell from $173.71 a month ago to $125.20, reflecting a 27.93% decline that mirrors Bitcoin's struggles [1] - The company's substantial Bitcoin holdings are valued at $59.75 billion against a cost basis of $54.26 billion, indicating a precarious financial position [1] - The bearish sentiment surrounding the stock is reflected in a Reddit sentiment score of 34.76 for the week and 28.53 for the month, with discussions turning skeptical about the company's strategy [1] Market Sentiment - Despite the negative sentiment, Wall Street analysts remain optimistic, with eight out of thirteen rating the stock as a "Strong Buy" and a consensus price target of $369.08, suggesting a potential upside of 196% from current levels [1] - The company has raised $25.3 billion in capital during 2025 to fund its Bitcoin purchases, making it the largest U.S. equity issuer for the second consecutive year [1] - CEO Phong Le is focused on expanding the STRC preferred stock program to drive Bitcoin-per-share growth, maintaining that current market weakness is temporary [1]

Group 1 - Harvard disclosed a reduction of 1.46 million shares in BlackRock's iShares Bitcoin Trust (IBIT), decreasing its position to approximately $265 million [2] - Simultaneously, Harvard opened a new position of 3,873,044 shares in BlackRock's iShares Ethereum Trust, valued at roughly $86.8 million [2] - The total combined spot crypto ETF exposure for Harvard at the end of the quarter exceeded $352 million [2] Group 2 - Harvard initially disclosed a $116 million position in IBIT in August 2025, which tripled to around $350 million by November before the recent reduction [3] - The move to sell Bitcoin and invest in Ethereum suggests a strategic shift, with analysts indicating that ETH may be undervalued compared to BTC [4] - The decision reflects a broader trend where Ethereum is increasingly recognized as a significant asset alongside Bitcoin, with BlackRock showing more interest in ETH [5][7] Group 3 - Major institutions are now monitoring the BTC/ETH ratio to inform their portfolio decisions, indicating confidence in the longevity and potential growth of both assets [7] - Bitcoin is viewed primarily as a store of value, while Ethereum is considered a productive asset with multiple return drivers, including its role in smart contracts and infrastructure [8]

Core Insights - Harvard Management Co. Inc. has established a new position in the iShares Ethereum Trust ETF, acquiring 3,870,900 shares valued at approximately $86.82 million [1] - The iShares Ethereum Trust ETF has a market capitalization of $6.17 billion and provides a regulated vehicle for exposure to Ether [4] Investment Overview - The iShares Ethereum Trust ETF has experienced a one-year price change of -23.90%, with shares priced at $15.44 as of February 14, 2026 [3][8] - Harvard's investment in ETHA represents 4.18% of the fund's reportable U.S. equity assets as of December 31, 2025 [8] Comparative Performance - The iShares Bitcoin ETF Trust has outperformed the Ethereum ETF, with a price increase of approximately 40% since its inception in January 2024, while the Ether fund has decreased by 41.32% [7] - Harvard Management's portfolio includes 19 assets across various sectors, including a position in the iShares Bitcoin ETF Trust [6][8] Fund Management - Harvard's endowment funds are used for institutional needs such as faculty pay, scholarships, and research, and are managed exclusively by Harvard Management [5] - As of February 14, 2026, Harvard Management reported $2.08 billion in 13F reportable assets [8]

Core Insights - Bitcoin and Ethereum experienced negative returns in 2025, but investor optimism for long-term growth remains strong [1][6] - The iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) provide direct exposure to Bitcoin and Ethereum, respectively, and are compared based on fees, returns, risk, and portfolio composition [2] Group 1: Cost & Size - Both IBIT and ETHA have an expense ratio of 0.25% and are equally priced [3] - As of February 14, 2026, IBIT has an AUM of $51.53 billion, while ETHA has an AUM of $6.29 billion, indicating a significant difference in scale [3] Group 2: Performance & Risk Comparison - Over the past year, IBIT had a return of -29.35% and ETHA had a return of -23.90% [3] - The maximum drawdown for IBIT was -49.36%, while ETHA experienced a larger drawdown of -61.57% [4] - A $1,000 investment in IBIT would have grown to $720, while the same investment in ETHA would have grown to $753 over one year [4] Group 3: Fund Composition - IBIT, launched on January 5, 2024, exclusively holds Bitcoin, while ETHA, launched six months later, exclusively holds Ether [5] - Both funds are characterized by high volatility and provide direct exposure to the cryptocurrency market [5] Group 4: Market Context - The negative performance of Bitcoin and Ethereum in 2025 marks the first annual decline since 2022, highlighting the volatility of the crypto market [6] - Despite ongoing investments from governments and institutions in the crypto space, the market is expected to experience fluctuations similar to the stock market [6] Group 5: Long-term Outlook - Historically, IBIT has increased nearly 40%, while ETHA has decreased by 41%, suggesting a potential advantage for IBIT in the long term [8] - IBIT is associated with a cryptocurrency that has greater institutional and governmental support compared to Ethereum [8]

Company Overview - 21shares is one of the world's largest issuers of cryptocurrency exchange traded products (ETPs) and offers a significant suite of crypto ETPs in the market [3] - The company aims to make cryptocurrency more accessible to investors and bridge the gap between traditional finance and decentralized finance [3] - Founded in 2018, 21shares has a seven-year track record of creating crypto ETPs listed on major securities exchanges globally [3] Recent Announcement - 21shares announced a distribution of $0.316871 per share for the 21shares Solana ETF (TSOL) for staking rewards earned from its SOL holdings [1][2] - The ex/record date for this distribution is February 13, 2026, and the payable date is February 17, 2026 [2] Strategic Positioning - 21shares operates as a subsidiary of FalconX, leveraging its resources to accelerate growth while maintaining independent operations [4] - The company is backed by a specialized research team, proprietary technology, and deep capital markets expertise, which enables it to deliver innovative and cost-efficient investment solutions [3]

Group 1 - Ark Invest purchased $11.6 million worth of shares in cryptocurrency exchange Bullish (BLSH), marking the ninth consecutive day of increasing its BLSH holdings [1] - The company acquired 364,134 shares of Bullish across three of its exchange-traded funds (ETFs) [1] - BLSH shares closed at $31.88, down 0.53% on the day, and are 15.82% lower year-to-date [2] Group 2 - Ark Invest has bought approximately 2.1 million BLSH shares over the last nine trading days, totaling about $58.75 million based on daily closing prices [2] - In addition to Bullish, Ark also invested $33.8 million in Robinhood (HOOD) and $4.37 million in Circle Internet (CRCL) shares [3] - The shares of these crypto-related companies have declined, with Robinhood down 8.8% and Circle down 3.16%, which Ark views as a buying opportunity amid the cryptocurrency downturn [3]

Market Overview - The cryptocurrency market experienced a significant decline in the first week of February, with digital assets dropping nearly 30%, falling below the $70,000 safeguard level to $60,062 [1] - Deutsche Bank analyst Marion Laboure indicated that this decline suggests traditional investors are retreating, leading to a more pessimistic sentiment towards the market [1] Expert Opinions - Victor Gillibert, founder of Fibo Crypto, advised against selling during this downturn, stating that past experiences show that those who sold during similar crashes often ended up buying back at higher prices later [2] - Gillibert emphasized that no fundamental changes have occurred in the market, noting that ETFs continue to accumulate and the halving supply shock is still in effect [3] - See Wenwei from YAP Global pointed out that the question of whether to sell resurfaces during sharp corrections, indicating a pattern in investor behavior [3] Market Dynamics - Wenwei described the current plunge as fitting the pattern of a post-bull correction, driven by risk-off sentiment, institutional ETF outflows, profit-taking, and broader market pressures [4] - The current market phase is characterized as a maturation cycle for bitcoin rather than a loss of favor among investors [4]