South Korea’s national pension fund bought $34M worth of MicroStrategy shares
South Korea's national pension fund, National Pension Service, reported a $34 million buyback in shares of MicroStrategy.
NPS is South Korea's largest public pension fund and the world's third largest with assets valued at over $729 billion.
Wu Blockchain shared the news via X:
South Korea National Pension Service announced that it bought 245,000 shares of MicroStrategy in the second quarter of this year valued at $33.75 million. Previously, NPS bought 282,700 shares of Coinbase during the third quarter. NPS manages $729.77 billion in…
— Wu Blockchain (@WuBlockchain) August 16, 2024
Details filed with the US Securities and Exchange Commission indicate that NPS acquired 245,500 MicroStrategy shares for a total of $33.5 million. The filing relates to the fund's investments for the quarter ending June 30, 2024.
According to news outlet Infomax, National Pension Service's investment in US-based microstrategy stocks accounts for 0.04% of the fund's total investment.
In addition to MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox and more than $61 million in Block Inc. shares. The fund holds shares of AI-chip powerhouse Nvidia and tech giants Google and Microsoft.
MicroStrategy is up 92% YTD.
Microstrategy's stock is down 20% as the crypto market struggles with tough conditions. Despite falling to around $131 from a high of $180 in mid-July, MSTR is up more than 92 percent year-to-date.
MicroStrategy, as well as top crypto-related companies like Coinbase, are mostly bullish amid Bitcoin growth and predictions. MicroStrategy, led by Michael Saylor, has been part of its success since adopting the strategy of adding BTC to its balance sheet.
Since MicroStrategy first bought BTC in 2020, MSTR has rallied alongside Bitcoin, with the latest surge coming on the back of Bitcoin's push to recapture $60k.
Saylor said in a recent post on X that MSTR outperformed 499 of the 500 stocks in the S&P 500.
Four years ago today, MicroStrategy adopted #Bitcoin as its primary treasury asset. Since then, $MSTR has outperformed 499 of the 500 stocks in the S&P 500. pic.twitter.com/Db7GVeyc9a
— Michael Saylor⚡️ (@saylor) August 11, 2024
The company acquired an additional 12,222 BTC in Q2, 2024, shipping more than $805 million in BTC. Microstrategy currently has 226,500 BTC worth more than $13 billion.
