South Korea’s National Pension Service Makes Multi-Million Dollar Investment in MicroStrategy
South Korea’s national pension fund, the National Pension Service (NPS), recently made a significant investment in MicroStrategy stock, purchasing nearly $34 million worth of shares.
NPS, as South Korea’s largest public pension fund and the third largest in the world, manages assets valued at over US$729 billion.
Investment Details and Holdings
According to reports, NPS acquired 245,500 shares of MicroStrategy stock for a total price of $33.5 million during the second quarter of this year. This follows their previous purchase of 282,700 Coinbase shares in the third quarter of last year. In addition to MicroStrategy, the fund also holds substantial investments in Coinbase, Roblox, and Block, Inc. stock, among others.
Infomax, a news media outlet, reported that NPS’s investment in U.S. MicroStrategy stocks represents 0.04% of the fund’s total investments in U.S. stocks.
Performance of MicroStrategy Shares
Despite recent turbulence in the cryptocurrency market, MicroStrategy’s stock price has shown resilience, currently up 92% year-to-date. While the price has experienced some fluctuations, it remains significantly higher than earlier in the year.
Both MicroStrategy and Coinbase, prominent players in the cryptocurrency industry, continue to show optimism towards the growth of Bitcoin. MicroStrategy’s strategic decision to add BTC to its balance sheet has been a key driver of its success.
MicroStrategy’s performance has been closely tied to the price of Bitcoin, with the company holding a substantial amount of BTC in its reserves. As of the second quarter of 2024, MicroStrategy holds over 226,500 Bitcoins, valued at more than $13 billion.
Implications and Future Outlook
The investment by South Korea’s National Pension Service in MicroStrategy signals confidence in the company’s long-term prospects and the potential of cryptocurrencies as an asset class. As market dynamics continue to evolve, keeping an eye on the performance of companies like MicroStrategy can provide insights into the broader industry trends.
