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South Korea's Pension Fund Snaps Up Nearly $34M MicroStrategy Shares
NPS also holds over $45 million worth of Coinbase shares.
Updated Aug 16, 2024, 7:37 a.m. Published Aug 16, 2024, 7:35 a.m.
- South Korea's pension fund bought 24,500 shares of the Michael Saylor-led firm, before the 10:1 stock split.
- The MicroStrategy purchase can be seen as indirect investment in bitcoin .
South Korean pension fund, National Pension Service (NPS), bought MicroStrategy (MSTR) shares worth nearly $34 million in the second quarter of this year, according to a filing made public earlier this week.
The fund disclosed that it purchased 24,500 shares at an average price of $1,377.48, before MicroStrategy announced a 10-for-1 stock split in the beginning of this months. This brings the total number of shares to 245,000, valued at $32.32 million, based on MicroStrategy's last close of $131.93.
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The purchase by NPS can be seen as an indirect investment in bitcoin as MicroStrategy is the largest corporate holder of the token.
Earlier this month, Wall Street broker Benchmark raised its price target on the Michael Saylor-led firm to $2,150 from $1,875. Benchmark raised the price target despite MicroStrategy missing its revenue target for Q2.
NPS also holds 229,807 shares of Coinbase (COIN), worth over $45 million, based on Coinbase's last close of $197.12. The fund started buying shares in the crypto exchange in 2023, snapping up 282,673 shares at an average price of $70.5.
Read More: MicroStrategy Is Pioneering Bitcoin Capital Markets, Bernstein Says
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