The National Pension Fund of South Korea has invested about 20 million dollars Coinbase Shares posted a 40% gain in Q3 2023, according to local media reports.
Citing a recent US SEC filing, local publication News1 reported that South Korea's National Pension Service (NPS) invested nearly ₩26 billion ($19.92 million) in Coinbase shares, buying 282,673 COIN shares at an average price of $70.5.
Coinbase shares are currently trading at $98.15, almost 40% off the NPS average purchase price.
In news 1, the NPS, which has more than $750 billion in assets under management as of June 2023, has a policy of not investing directly in crypto assets. Crypto stocks are considered a proxy for companies that want exposure to crypto prices without investing directly.
Coinbase reported a third-quarter loss of $2.2 million in 2023, posting better-than-expected financial results for the quarter; It reported a loss of $545 million in the quarter a year ago.
Asset managers including BlackRock have tapped Coinbase as a custodian for their spot Bitcoin ETF applications, helping to fuel widespread optimism in Bitcoin ETF adoption. The price of Bitcoin About 38,000 dollars in recent days.
The crypto exchange benefited from the growth of the Layer-2 network base as it hit $590 million in total value locked (TVL) by L2Beat.
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