Crypto news: South Korea’s pension fund acquires nearly $34M in MicroStrategy shares
South Korea’s National Pension Service (NPS) acquired MicroStrategy (MSTR) shares valued at nearly $34 million in the second quarter of this year, as per a recent filing. The fund purchased 24,500 shares at an average price of $1,377.48, prior to MicroStrategy’s 10-for-1 stock split announced earlier this month. This acquisition now totals 245,000 shares, currently worth $32.32 million, based on MicroStrategy’s last closing price of $131.93.
This investment by NPS is viewed as an indirect stake in Bitcoin (BTC), as MSTR holds the largest corporate position in the cryptocurrency. Earlier this month, Wall Street broker Benchmark raised its price target for MSTR to $2,150 from $1,875, despite the company missing its Q2 revenue target.
Additionally, NPS holds 229,807 shares of Coinbase (COIN), valued at over $45 million, based on Coinbase’s last closing price of $197.12. The fund began investing in the crypto exchange in 2023, purchasing 282,673 shares at an average price of $70.50.
