South Korea’s nationwide pension fund buys $34M of MicroStrategy shares

The Nationwide Pension Service, South Korea’s nationwide pension fund, has reported purchases of practically $34 million in MicroStrategy shares.

NPS is South Korea’s largest public pension fund and the third-largest on the earth with over $729 billion value of property.

Wu Blockchain shared the information through X:

South Korea’s Nationwide Pension Service (NPS) disclosed that it purchased 245,000 shares of MicroStrategy within the second quarter of this yr, value about $33.75 million. Beforehand, NPS purchased 282,700 shares of Coinbase within the third quarter of final yr. NPS manages $729.77 billion…

— Wu Blockchain (@WuBlockchain) August 16, 2024

Particulars filed with the US Securities and Alternate Fee point out the NPS acquired 245,500 of MicroStrategy shares at a complete of $33.5 million. The submitting pertains to the fund’s investments within the quarter ending June 30, 2024.

In keeping with information outlet Infomax, the Nationwide Pension Service’s funding in shares of the US-based MicroStrategy accounts for 0.04% of the fund’s whole funding in US shares.

Other than MSTR, the fund additionally holds greater than $51 million in Coinbase shares, $31.5 million in Roblox and over $61 million in shares of Block, Inc. The fund additionally holds shares of AI-chip powerhouse Nvidia, and tech giants Google and Microsoft.

MicroStrategy shares up 92% YTD

Whereas the MicroStrategy inventory has plummeted 20% because the crypto market struggles with uneven situations. Regardless of falling from highs of $180 in mid-July to at present round $131, MSTR stays greater than 92% up year-to-date.

MicroStrategy, in addition to prime crypto associated firms resembling Coinbase, are largely bullish amid progress and projections for Bitcoin. For Michael Saylor-led MicroStrategy, a part of the success has come after adopting the technique of including BTC to its stability sheet.

MSTR has soared alongside Bitcoin since MicroStrategy first purchased BTC in 2020, the newest surge coming amid Bitcoin’s push to reclaim $60k.

Saylor mentioned in a latest publish on X that MSTR has outperformed 499 of the five hundred shares within the S&P 500.

4 years in the past right this moment, MicroStrategy adopted #Bitcoin as its main treasury reserve asset; since then $MSTR has outperformed 499 of 500 shares within the S&P 500. pic.twitter.com/Db7GVeyc9a

— Michael Saylor⚡️ (@saylor) August 11, 2024

The corporate acquired an extra 12,222 BTC in Q2, 2024, including greater than $805 million in BTC to its haul. At the moment, MicroStrategy holds 226,500 BTC value over $13 billion.