The post South Korea’s Public Pension Fund Invests $34 Millon in MicroStrategy appeared on BitcoinEthereumNews.com.

South Korea’s National Pension Service (NPS) has revealed investments in cryptocurrency-related companies with a multi-million dollar purchase of MicroStrategy stock. According to a recent filing. South Korea’s national pension fund acquired shares in MicroStrategy (MSTR), a company known for its substantial Bitcoin holdings. The NPS purchased 24,500 shares of MicroStrategy in the second quarter of 2023, at an average price of $1,377.48 per share. This investment, totaling nearly $34 million, preceded MicroStrategy’s 10-for-1 stock split in early August. Post-split, the NPS now holds 245,000 shares, valued at approximately $32.32 million based on MicroStrategy’s recent closing price of $131.93. The NPS’s investments extend beyond MicroStrategy. The pension fund also holds 229,807 shares of Coinbase (COIN), valued at over $45 million based on the exchange’s recent closing price of $197.12. The NPS began investing in Coinbase in 2023, acquiring 282,673 shares at an average price of $70.5. MicroStrategy chair Michael Saylor has repeatedly billed the company’s stock as a way for investors to gain indirect exposure to Bitcoin without having to hold the digital asset directly. This week, a new ETF offering investors access to leveraged positions in MicroStrategy stock launched in the U.S. The NPS fund’s crypto-related investments align with a wider trend of institutional investors seeking exposure to the cryptocurrency market through publicly traded companies. Last month, Jersey Mayor Steven Fulop announced that the second-largest city in New Jersey is seeking to allocate a portion of its pension funds to spot Bitcoin exchange-traded funds (ETFs). “The question on whether crypto/Bitcoin is here to stay is largely over,” Fulop wrote in a Twitter post, adding that, “Crypto/Bitcoin won.” Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/245064/south-koreas-public-pension-fund-invests-34-millon-in-microstrategy

---

Filed under: News - @ August 17, 2024 9:21 pm