South Korea’s Pension Fund Purchases $33.7M in MicroStrategy Shares

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The world’s third-largest pension fund, South Korea’s National Pension Service, bought $33.7 million worth of shares from MicroStrategy in the second quarter of this year.

The pension fund, in its recent filing to the US Securities and Exchange Commission, disclosed that it purchased 24,500 shares of MicroStrategy Inc. This move was made with the goal of increasing the fund’s indirect investment in Bitcoin.

In the third quarter of 2020, the NPS had also bought 282,673 shares of Coinbase, valued at $19.9 million at the time. As of June, the fund held 229,807 shares of Coinbase, worth around $51 million.

This is a decrease from its holdings in March, where it held 253,763 shares. MicroStrategy, known for holding a substantial amount of Bitcoin, has often been used as a representation of Bitcoin exposure in the traditional market.

This is evident as the SEC has just approved the first leveraged exchange-traded fund focused on MicroStrategy.