Despite the global rise in institutional investment in cryptocurrency, driven by the approval of bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission, South Korean institutions remain cautious. While overseas hedge funds and pension funds are increasing their bitcoin exposure, South Korean regulations prevent institutional investors from directly trading cryptocurrency. Spot bitcoin ETFs are also banned. Korean institutions, including the National Pension Service (NPS), have instead turned to indirect investments, purchasing shares in crypto-related companies like MicroStrategy and Coinbase. Experts argue that allowing corporate participation in crypto trading could stabilise the local market, but Korean institutions are hesitant to engage due to regulatory concerns.