In a significant move, South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund, has invested nearly $34 million in MicroStrategy shares.
The NPS acquired 24,500 shares at an average price of approximately $1,377.48 during the second quarter of 2024, as disclosed in a recent SEC filing.
This investment aligns with MicroStrategy’s reputation as the largest corporate holder of Bitcoin, making the purchase an indirect bet on the cryptocurrency market.
MicroStrategy has seen its stock surge by over 92% this year, reflecting a broader optimism about Bitcoin’s performance.
The company’s strategy of accumulating Bitcoin since 2020 has paid off, with its total holdings now exceeding 226,500 BTC, valued at around $13.19 billion.
This latest acquisition by NPS is part of a larger trend, as the fund diversifies its portfolio, which also includes substantial investments in Coinbase and other tech firms.
As the cryptocurrency landscape evolves, NPS’s commitment to MicroStrategy underscores its confidence in the potential of digital assets.