South Korea’s national pension fund, the National Pension Service, reported buying nearly $34 million in MicroStrategy stock.
NPS is South Korea’s largest public pension fund and the third largest in the world, with assets worth more than US$729 billion.
Wu Blockchain shared the news via X:
The National Pension Service of Korea (NPS) disclosed that it purchased 245,000 MicroStrategy shares in the second quarter of this year, worth approximately US$33.75 million. Previously, NPS purchased 282,700 Coinbase shares in the third quarter of last year. NPS manages $729.77 billion…
— Wu Blockchain (@WuBlockchain) August 16, 2024
Details filed with the U.S. Securities and Exchange Commission show that NPS acquired 245,500 shares of MicroStrategy stock for a total price of $33.5 million. The filing relates to the fund’s investments for the quarter ending June 30, 2024.
According to the news media Infomax, the National Pension Service’s investment in U.S. MicroStrategy stocks accounted for 0.04% of the fund’s total investment in U.S. stocks.
In addition to MSTR, the fund also holds more than $51 million in Coinbase stock, $31.5 million in Roblox stock, and more than $61 million in Block, Inc. stock. Microsoft stock.
MicroStrategy shares are up 92% year to date
With the cryptocurrency market turbulent, MicroStrategy’s stock price has plummeted 20%. Although MSTR fell from a mid-July high of $180 to currently around $131, it is still up more than 92% year-to-date.
Top cryptocurrency-related companies like MicroStrategy and Coinbase are largely bullish on Bitcoin’s growth and predictions. For MicroStrategy, led by Michael Saylor, part of the success lies in adopting a strategy of adding BTC to its balance sheet.
MSTR has been surging alongside Bitcoin since MicroStrategy first purchased BTC in 2020, with the latest surge coming as Bitcoin struggled to recoup $60,000.
Saylor recently posted 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 reserve asset; and has since $MSTR Outperformed 499 of the 500 stocks in the S&P 500 Index. pic.twitter.com/Db7GVeyc9a
— Michael Saylor⚡️ (@saylor) August 11, 2024
The company acquired an additional 12,222 BTC in the second quarter of 2024, increasing its total value by more than $805 million. Currently, MicroStrategy holds 226,500 Bitcoins, worth over $13 billion.
Impressive Investment Strategy by South Korea’s National Pension Service
South Korea’s National Pension Service, one of the largest public pension funds globally, recently made a significant investment of nearly $34 million in MicroStrategy stock. This strategic move highlights the fund’s dedication to diversifying its portfolio and capitalizing on the growth potential of leading tech companies.
Strategic Allocation and Market Performance
The National Pension Service’s investment in MicroStrategy demonstrates a calculated approach to capitalize on the evolving market trends and opportunities. By acquiring a substantial number of MicroStrategy shares, the fund aims to benefit from the company’s robust performance and potential for future growth.
Future Prospects and Growth Potential
As the cryptocurrency market and tech sector continue to evolve, investments in companies like MicroStrategy serve as a testament to the fund’s forward-thinking investment strategy. With MicroStrategy’s impressive track record and strategic vision, the National Pension Service is well-positioned to capitalize on the dynamic market landscape and drive optimal returns for its stakeholders.
