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South Korea's Pension Fund Bought $20M Coinbase Shares in Q3, Made 40% Profit: Report
The fund snapped up COIN at an average price of $70.5 in the third quarter, achieving a 40% profit from investment.
Updated Nov 16, 2023, 5:30 a.m. Published Nov 16, 2023, 5:30 a.m.
South Korean pension fund, National Pension Service (NPS), bought nearly $20 million worth of Coinbase (COIN) shares in the third quarter, local outlet News1 reported, citing the NPS’ latest stock holding report to the U.S. Securities and Exchange Commission (SEC).
NPS snapped up 282,673 shares at an average price of $70.5, amounting to an investment of $19.92 million or nearly 26 billion Korean won (₩). The shares are worth around $27.74 million based on Coinbase’s last close on Wednesday.
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The investment in the Nasdaq-listed crypto exchange helped the fund achieve 40% profit in the quarter. COIN shares have rise 4% in the third quarter and 177% this year.
The fund has reportedly added a digital assets company to its U.S. stock portfolio for the first time on record. South Korea's National Assembly has criticized the fund for taking exposure to businesses related to virtual assets. A key objection against pension funds investing in cryptocurrencies is that digital assets do not generate any cash, and the only way to make a return is by selling them to the next investor willing to pay more.
Still, a survey by Pensions Age early this year found that pension schemes “overwhelmingly” regard digital assets as a major part of the investment landscape and view them as a portfolio diversification opportunity.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
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- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
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