South Korea’s National Pension Fund Invests $33.7M in MicroStrategy Shares, Boosting Bitcoin Exposure
In a strategic move to increase its indirect exposure to Bitcoin, South Korea’s National Pension Service, the third-largest pension fund in the world, purchased $33.7 million worth of MicroStrategy shares in Q2 2024. The pension fund, which also holds significant stakes in Coinbase, is capitalizing on MicroStrategy’s position as the largest corporate Bitcoin holder. This investment comes as MicroStrategy’s stock has soared 92% this year, further highlighting the growing institutional interest in digital assets.
Because Bitcoin
August 16, 2024
According to a recent The Block report, South Korea's National Pension Service, the third-largest pension fund globally by assets, purchased $33.7 million worth of MicroStrategy shares in the second quarter of this year. According to a recent filing submitted to the U.S. Securities and Exchange Commission, the pension fund acquired 24,500 shares of MicroStrategy Inc. during this period. This move comes as part of the fund’s strategy to increase its indirect exposure to Bitcoin.
Earlier, in the third quarter of last year, the National Pension Service (NPS) had also purchased 282,673 shares of Coinbase, valued at $19.9 million at the time. As of the end of June, the fund's holdings in Coinbase Global Inc. amounted to 229,807 shares, worth approximately $51 million. This is a slight decrease from the 253,763 Coinbase shares the fund held at the end of March.
MicroStrategy, known as the largest corporate holder of Bitcoin with 226,500 BTC valued at around $13.2 billion, has often been used as a proxy for Bitcoin exposure in traditional markets. The U.S. Securities and Exchange Commission recently approved the first leveraged exchange-traded fund (ETF) targeting MicroStrategy. Notably, MicroStrategy's stock has surged 92% so far this year.
Resources: