The National Pension Service (NPS), an open pension operating in South Korean jurisdiction, recently carried out a big decision. The project effectively purchased more than 280,000 shares of the worldwide crypto exchange Coinbase during the 3rd quarter of the current year. The respective investment has received thirty-nine percent in value after the buyout.
South Korean Pension Fund Purchases Coinbase Shares
The NPS obtained nearly 282,673 shares in Coinbase in this year’s third quarter. On the 15th November, the US SEC witnessed the filing of a stock holdings-related report. It revealed the respective statistics. The worth of the investment is nearly $27.7M based on the recent recorded close (approximately $98.15). The SEC filing pointed out that the NPS has obtained the stock batch of Coinbase for almost $19.9M.
This indicates that the profit of the pension fund is nearly $7M (accounting for up to 39%). As per a report from the native news platform News1, this is a crucial move for South Korea. The country’s investment in Coinbase denotes the earliest instance when the platform has purchased Coinbase stock.
As per the reports, NPS has possessed a policy concerning no direct investment in crypto assets such as Bitcoin because of volatility. Back in 2021, the National Assembly of South Korea reportedly condemned the NPS for investing in a crypto-focused business. While responding to this, the NPS asserted that the agency just invested in the platform.
The NPS Says the Investment Targets Coinbase and Does Not Deal with Crypto
It added that the crypto assets were included in its objective related to that investment. In the current year, Coinbase stock went through considerable growth. In this respect, it spiked to a peak of a per-share $110 value in July. The year-to-year value added to the Coinbase shares is nearly 170% since its beginning at almost $37, says TradingView.
Tidex.com – A Detailed Review of Tidex Cryptocurrency Exchange
Coinbase Revolutionizes Money Transfers with Social Media Integration
Robinhood Claims 75% Surge in Crypto Trading During November 2023
You have not selected any currencies to display