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 South Korea’s National Pension Service, one of the world’s largest pension funds, invested $20 million in Coinbase in Q3 2023.
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 The National Pension Service (NPS), a public <a rel="noopener noreferrer nofollow" title="pension" href="https://thebittimes.com/tag/pension.html">pension</a> in South Korea and one of the world’s largest <a rel="noopener noreferrer nofollow" title="pension" href="https://thebittimes.com/tag/pension.html">pension</a> funds, bought just over 280,000 <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s of the global cryptocurrency exchange Coinbase in the third quarter of this year, an investment that has gained 39% in value since the purchase.
 The NPS acquired 282,673 Coinbase (COIN) <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s in the third quarter of 2023, according to a stock holdings report filed with the United States Securities and Exchange Commission (SEC) on Nov. 15.
 The investment is worth $27.7 million based on Coinbase’s last recorded close of $98.15 on Nov. 15, according to data from TradingView. According to the SEC filing, the NPS has acquired its Coinbase stock batch for about $19.9 million, which implies that the <a rel="noopener noreferrer nofollow" title="pension" href="https://thebittimes.com/tag/pension.html">pension</a> fund’s profit equaled $7 million, or 39%.
 According to a report by the local news agency News1, the recent Coinbase investment by South Korea’s public pension fund marks the first time the company has bought COIN stock. The NPS reportedly has had a policy of not investing directly in cryptocurrencies like Bitcoin (BTC) due to volatility.
 In 2021, South Korea’s National Assembly reportedly criticized the NPS for its investment in a crypto-related business. In response, the NPS argued that it only invested in the exchange and that cryptocurrencies were not an investment target.
 Related: Coinbase narrows loss, while crypto trading volumes fall in Q3
 Coinbase stock has seen significant growth in 2023, surging to as high as $110 per <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> in July. COIN <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s have added value of close to 170% year-to-date after starting 2023 at around $37, according to data from TradingView. The stock is still 74% down from its all-time highs above $300 in September 2021.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/10d3fdc8090e7c7eca739ae7bc5c315e.webp">
 <figcaption style="text-align: center;">Coinbase (COIN) year-to-date price chart. Source: TradingView
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 Coinbase’s massive growth in 2023 came despite the exchange facing a lawsuit from the U.S. SEC. Filed in June 2023, the lawsuit alleges that Coinbase violated U.S. securities laws by offering unregistered securities, or certain cryptocurrencies, for investment on its platform. In October, Coinbase once again disputed SEC’s authority in crypto, arguing that its definition of security was too wide.
 Additional reporting by Amaka Nwaokocha.
 Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korea-s-pension-fund-bags-280k-coinbase-shares-sec-data-tbt70497.html">https://thebittimes.com/south-korea-s-pension-fund-bags-280k-coinbase-shares-sec-data-tbt70497.html</a>

South Korea’s pension fund bags 280K Coinbase shares: SEC data

TheBitTimes

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