The National Pension Service of South Korea has acquired approximately 26 billion won ($20 million) worth of Coinbase stocks (COIN).
The National Pension Service is South Korea’s largest investment group and the third largest pension fund in the world. The investment group manages over 997.4 trillion won, approximately $800 billion in assets.
As per the stock holdings report submitted to the U.S. Securities and Exchange Commission (SEC) on the 16th November, the National Pension Service secured 282,673 shares of Coinbase stock during the third quarter, amounting to a valuation of $19,934,100, equivalent to 26.1 billion won, local media reported.
South Korea’s Pension Fund Sits on 40% Profit
Coinbase, the largest asset exchange in the United States, has been on Nasdaq since April 2021. The surge in crypto trading volume and performance has correlated with rising stock and virtual asset prices. Notably, as Bitcoin experienced a rally on the 9th, reaching its highest level in 18 months, Coinbase witnessed a 5.14% surge from the previous trading day, closing at $92.86.
The National Pension Service, historically cautious about the volatility of virtual assets, clarified its stance. Despite criticism in 2021 for indirectly investing in a virtual asset-related business, the pension fund maintained that it exclusively invested in the exchange and did not consider cryptocurrencies as part of its investment strategy.
Following the National Pension Service’s acquisition of Coinbase, Bitcoin’s strength in the market resulted in substantial profits. The average purchase price per Coinbase share for the National Pension Service was $70.5. With Coinbase closing at $98.15, the pension fund is realizing a profit of approximately 40% in just one quarter.