South Korea’s National Pension Service (NPS) increases its indirect investment in Bitcoin with a fresh $33.75 million in Microstrategy shares.
Data confirms the pension service purchased 24,500 shares of US-based software company MicroStrategy in the second quarter of the year.
The NPS submitted its 13F quarterly report to the United States Securities and Exchange Commission (SEC) on August 13, revealing that the fund has acquired MicroStrategy (MSTR) shares worth $33.75 million in Q2 2024, with each stock valued at an average price of $1,377.
The NPS purchase occurred before Microstrategy announced a 10 for 1 stock split effective from August 1. The 10-for-one stock split has now toaken NPS’s total shares in Microstrategy to 245,000, still with a valuation of $33.75 million.
NPS Coinbase Investment
The recent investment by the NPS is its second foray into indirect investment in Bitcoin. In the third quarter of 2023, the pension service debuted its indirect investment in Bitcoin strategy by acquiring 282,673 shares of Coinbase stock, another US-based company.
The National Pension Service acquired the Coinbase (COIN) shares at an average price of $70.5, totaling an investment of $19.92 million.
Microstrategy’s Bitcoin investment
Notably, Microstrategy, co-founded by Bitcoin advocate Michael Saylor, is the single largest United States company holding Bitcoin.
As of August 1, 2024, Microstrategy owns 226,500 Bitcoin. According to Bitcoin Treasuries, the average purchase price of the company’s Bitcoin stash is $35,158 per coin, totaling $7.538 billion. Michael Saylor earlier described Bitcoin as the best strategy given the upward surge in Microstrategy’s stock price since it adopted Bitcoin.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
Source: https://thecryptobasic.com/2024/08/16/south-koreas-national-pension-service-buys-33-75m-in-microstrategy-shares/?utm_source=rss&utm_medium=rss&utm_campaign=south-koreas-national-pension-service-buys-33-75m-in-microstrategy-shares