South Korean Pension Fund Buys $34 Million in MicroStrategy Stock

South Korea's National Pension Service made a significant investment in MicroStrategy shares in the second quarter of this year.

The National Pension Service (NPS), the world's third-largest pension fund, acquired $33.7 million in MicroStrategy shares in the second quarter of 2024.

In a filing with the US Securities and Exchange Commission (SEC) last week, NPS revealed that it owned 24,500 Microstrategy shares, at an average purchase price of $1,377.48, before the giant announced a 10-for-1 stock split earlier this month.

NPS's move is considered an indirect investment in Bitcoin, as MicroStrategy is the largest publicly traded company holding Bitcoin today. In Q2 2024 alone, MicroStrategy purchased $805 million in Bitcoin, bringing its holdings to 226,500 BTC, worth more than $13.2 billion. Last week, the SEC also approved the first leveraged ETF for MicroStrategy.

In addition to MicroStrategy, the Korean pension fund also holds 229,807 shares of crypto exchange Coinbase (COIN), worth approximately $51 million. The NPS started with 282,673 COIN in Q3 2023. MicroStrategy shares have increased 92% this year, while Coinbase shares have increased only 25% over the same reference range.