South Korean pension fund bags 280K Coinbase shares: SEC data
The National Pension Service (NPS), a public pension in South Korea and one of the largest pension funds in the world, just bought more than 280,000 shares of the international cryptocurrency exchange Coinbase in the third quarter of 2023, an investment gained in value by 39%. Since the purchase.
NPS acquired 282,673 shares of Coinbase in Q3 2023, according to a stockholding report filed with the United States Securities and Exchange Commission (SEC) on Nov 15th.
According to data from TradingView, the investment is worth $27.7 million. According to an SEC filing, NPS acquired the batch of Coinbase shares for about $19.9 million, representing a gain of roughly $7 million, or 39%, for the pension fund.
According to a report by local news agency News1, South Korea's public pension fund's recent Coinbase investment marks the first time the company has bought a stake in Coinbase. NPS reportedly had a policy of not investing directly in cryptocurrencies such as Bitcoin (BTC) due to volatility.
In the year In 2021, South Korea's National Assembly reportedly criticized the NPS for investing in crypto-related businesses. In response, the NPS argued that they only invest in currency exchanges and that cryptocurrencies are not an investment target.
Related: Coinbase Cuts Losses, Crypto Trading Volumes Fall in Q3
Coinbase stock has seen significant growth in 2023, peaking as high as $110 per share in July. Coinbase shares have gained nearly 170% in value since 2023 at around $37, according to data from TradingView. In the year The stock is still down 74% from its all-time high of over $300 in September 2021.
Coinbase's big growth in 2023 came despite the exchange facing a lawsuit from the US SEC. Filed in June 2023, the suit alleges that Coinbase violated US securities laws by offering unregistered securities on its platform. In October, Coinbase again challenged the SEC's jurisdiction over crypto, arguing that the security definition was too broad.
Additional reporting by Amaka Nwakocha.
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