According to a recent SEC filing, the National Pension Service of South Korea has purchased nearly $20 million worth of Coinbase (COIN) shares in the third quarter.
According to a recent SEC filing, the National Pension Service of South Korea has purchased nearly $20 million worth of Coinbase (COIN) shares in the third quarter. This acquisition reflects South Korea's growing interest in digital assets, following the enactment of the Virtual Asset User Protection Act by the country's National Assembly in July, which established a legislative framework.
The pension fund acquired 282,673 Coinbase shares valued at $19,934,100, approximately $70.52 per share. During the quarter that ended on September 30, Coinbase shares experienced a 4% increase. As of the latest trading day, the stock closed at $98.15, resulting in a current value of around $27.7 million and a 40% return on investment.
Historically, pension funds worldwide have been cautious about investing in digital assets due to their higher risk and legal limitations. However, in 2019, a few funds, including two in Fairfax County, Virginia, entered the cryptocurrency investment space. Notably, they allocated $35 million to VanEck's New Finance Income Fund, which was among the creditors affected when crypto lender Genesis filed for bankruptcy earlier this year.
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