South Korea’s National Pension Service (NPS), the world’s third-largest pension fund by assets, purchased $33.7 million worth of MicroStrategy shares in the second quarter of 2024. The NPS’ recent filing with the U.S. Securities and Exchange Commission revealed the acquisition of 24,500 MicroStrategy shares as part of its broader strategy to increase indirect exposure to Bitcoin.
This move follows NPS’ previous investment in Coinbase, where the fund bought 282,673 shares worth $19.9 million in Q3 2023. As of June 2024, NPS held 229,807 Coinbase shares, valued at around $51 million. The report also indicated a slight reduction in Coinbase holdings compared to the 253,763 shares held at the end of March.
MicroStrategy, known as the largest corporate holder of Bitcoin with 226,500 BTC valued at approximately $13.2 billion, has become a popular choice for traditional investors seeking Bitcoin exposure. The company’s extensive Bitcoin reserves have made its stock a proxy for Bitcoin in the conventional financial market. This week, the U.S. SEC approved the first leveraged ETF focused on MicroStrategy, further solidifying its role as a key player in Bitcoin investment.
MicroStrategy’s stock has surged 92% year-to-date, while Coinbase shares have climbed 25% over the same period. The NPS’ growing interest in these assets underscores a strategic shift towards integrating cryptocurrency-related investments into traditional portfolios.
