South Korea’s National Pension Service (NPS) invested $32.5 million in MicroStrategy (MSTR), a US business intelligence firm known for its large Bitcoin holdings. The NPS, which managed $764.8 billion in assets at the end of 2023, acquired 24,500 MSTR shares by June 30th. After MicroStrategy’s 10-1 stock split of its class A and class B common stocks in July, NPS’s holdings became 245,000 shares valued at $32.5 million.
The pension fund has also shown interest in other cryptocurrency companies, such as Coinbase (COIN). Last year, NPS invested in Coinbase, buying 282,670 shares by December 31st, 2024.
South Korea’s pension fund investment
However, the fund has reduced its COIN holdings this year and now holds 229,807 shares worth $47.18 million. MicroStrategy is a major Bitcoin holder globally, with a total of 226,500 BTC, valued at over $13.38 billion. The company acquired its Bitcoin at an average price of $36,798 each.
MicroStrategy CEO Phong Le expressed optimism about Bitcoin’s growing adoption and support from institutions and policymakers, especially at the Bitcoin 2024 Conference in Nashville. Bitcoin is currently trading at $59,199, up 3% in the last 24 hours. The investment by NPS highlights the growing institutional interest in Bitcoin and related technologies, signaling a notable shift in the global financial landscape.
- DailyHodl.”South Korean Pension Fund Invests $32,500,000 in MicroStrategy As the US Firm Continues To Gobble Up Bitcoin”.
- CoinDesk.”South Korea’s Pension Fund Snaps Up Nearly $34M MicroStrategy Shares”.
- Yahoo.”South Korea’s Pension Fund Snaps Up Nearly $34M MicroStrategy Shares”.