Core Insights - Strategy Inc. ranks as the fifth largest institutional holder of Bitcoin in the U.S., with approximately $80 billion in digital assets, surpassing major corporations like NVIDIA, Apple, Meta, and Tesla in cash and short-term investments [1][2]. Bitcoin Holdings and Valuation - As of October 5, Strategy's Bitcoin holdings totaled 640,031 BTC, with a fair value of $47.35 billion, maintaining an average purchase price of $73,983 per BTC [3]. - The carrying value of digital assets on the balance sheet was $73.21 billion as of September 30, with a fair-value appreciation of $3.9 billion for Q3, marking one of the largest unrealized quarterly gains [4]. Financial Position and Oversight - The deferred-tax liability associated with digital assets stood at $7.43 billion, reflecting the company's commitment to Bitcoin as its core reserve asset [6]. - Financial disclosures were prepared and reviewed by KPMG LLP, ensuring transparency and accuracy in reporting [7]. ATM and Preferred Stock Programs - Strategy's at-the-market (ATM) equity programs represent about $63.9 billion in potential capital issuance, with no new share issuances reported during the period [5]. - The company has various preferred stock offerings, including $2.1 billion of 10% Series A Perpetual Strife Preferred Stock and $21 billion of Class A common stock [8].

Core Viewpoint - The National Pension Service (NPS) of South Korea should actively consider investing in digital assets to enhance its portfolio and support the growth of the domestic digital asset industry [1][2][3]. Group 1: NPS and Digital Assets - Kab Lae Kim from the Korea Capital Market Institute recommends that NPS, with over $930 billion in assets, should include digital assets in its investment strategy [1][2]. - The current reputation of digital assets for high volatility poses a challenge for NPS in committing capital [2]. - Kim emphasizes the importance of NPS in fostering the growth of South Korea's digital asset companies and suggests initiating policy discussions to facilitate this [3]. Group 2: Global Trends in Pension Fund Investments - There is a growing global trend of pension funds and endowments investing in Bitcoin, with notable examples including AMP's $27 million investment and Michigan's $6.6 million in a Bitcoin ETF [5]. - The inclusion of cryptocurrencies in retirement plans has been recognized in the U.S., as evidenced by an executive order signed by President Trump [6]. - Although NPS has not directly invested in Bitcoin, it has shown interest by purchasing shares of MicroStrategy, a company closely tied to Bitcoin's price movements [6].