Solana

South Korea’s National Pension Service (NPS) has reportedly gained a substantial 40% profit from its investment in the U.S.-based crypto exchange Coinbase stocks. 
According to a Nov. 15 <a href="https://www.sec.gov/Archives/edgar/data/1608046/000160804623000010/0001608046-23-000010-index.htm">filing</a> with the U.S. Securities and Exchange Commission (SEC), the fund procured more than 280,000 Coinbase shares valued at approximately $20 million during the third quarter of this year. 
Investors like the NPS usually avoid direct investment in cryptocurrencies, such as Bitcoin, due to their inherent market fluctuations. Instead, they seek exposure to the emerging industry via investments in stocks of companies operating in the space, like Coinbase and MicroStrategy. 
So, this investment marked the first time that NPS has added a digital assets company to its U.S. stock portfolio despite the dismay of the country’s national assembly. 
The decision appears prescient, with Coinbase’s stock consistently trending upward throughout the year. Local media <a href="https://m.news1.kr/articles/?5233219#_across">reports</a> indicate the NPS’s average purchase price per Coinbase share was $70.5, but with the stock’s recent closing price of $98.15, the fund stands to profit roughly 40% within just one quarter. 
The NPS is a public pension fund in South Korea. It ranks as the world’s third-largest pension fund, boasting assets exceeding $800 billion. 
<h2 class="s3" id="span-class-s2-coinbase-stocks-growth-span">Coinbase stocks growth</h2> 
<a href="https://www.tradingview.com/symbols/NASDAQ-COIN/">Data</a> from Tradingview shows that Coinbase shares are one of the best-performing crypto-related stocks in the past year, up 62% over the last six months and by 168% on the year-to-date metrics. 
COIN’s price performance could be linked to the <a href="https://cryptoslate.com/investor-confidence-in-digital-assets-soars-as-etp-inflows-surpass-1-billion-in-2023/">generally positive trend </a>observed in the crypto space, where flagship digital assets like Bitcoin, <a href="https://cryptoslate.com/ethereum-trades-above-2k-for-the-first-time-in-almost-a-year/">Ethereum</a>, and Solana have&nbsp;recorded more than 100% gains during the past year. 
Furthermore, the exchange has grown substantially, securing Bermuda’s licensing&nbsp;to launch an international exchange and offering perpetual futures trading to non-U.S. retail customers. 
Additionally, it has secured licenses in several European countries, including the Netherlands, Spain, Ireland, and Italy, to expand outside the U.S. 
The post <a href="https://cryptoslate.com/south-korea-national-pension-fund-nets-40-gain-on-coinbase-stock-investment/">South Korea national pension fund nets 40% gain on Coinbase stock investment</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

South Korea national pension fund nets 40% gain on Coinbase stock investment

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