South Korea’s National Pension Service Invests in MicroStrategy

South Korea’s National Pension Service (NPS), the world’s third-largest pension fund by assets, purchased MicroStrategy shares worth $33.7 million in the second quarter of this year.

The NPS’ holdings report, submitted this week to the U.S. Securities and Exchange Commission, revealed that the pension fund acquired 24,500 shares of Microstrategy Inc.

This move aimed to expand the fund’s indirect exposure to bitcoin, following its earlier purchase of 282,673 Coinbase shares, valued at $19.9 million during the third quarter of the previous year.

The latest NPS filing indicated that its holdings of Coinbase Global Inc. totaled 229,807 shares, worth approximately $51 million at the end of June, down from 253,763 shares at the end of March.

MicroStrategy, recognized as the largest corporate holder of bitcoin, possesses 226,500 BTC, valued around $13.2 billion, according to BitcoinTreasuries. As a significant bitcoin holder, MicroStrategy is often viewed as a proxy for bitcoin exposure in traditional markets. Recently, the U.S. Securities and Exchange Commission approved the first leveraged exchange-traded fund focusing on MicroStrategy.

MicroStrategy’s stock has experienced a 92% rise this year, while Coinbase’s stock increased by 25% year-to-date.