Based

COIN

United

Security

According to South Korea National Pension Service’s latest holdings report, the pension fund <a href="https://www.sec.gov/Archives/edgar/data/1608046/000160804623000010/0001608046-23-000010-index.htm" rel="noopener noreferrer nofollow">acquired 282,673 Coinbase shares (COIN)</a> valued at approximately $19.9 million or 26 billion Korean won. 
The report filed with the United States Securities and Exchange Commission (SEC) stated that NPS acquired the shares in the third quarter of 2023 at an average price of $70.5.
<h2 id="b-nps-acquires-crypto-related-security-b">NPS Acquires Crypto-related Security</h2>
Before now, NPS, with over $755 billion in Assets Under Management (AUM), had never included any crypto-related security as part of its portfolio. Hence, this marks the first time that such an investment is recorded for the leading pension fund. South Korean news outlet News1 explained that the <a href="https://www.news1.kr/articles/5233219" rel="noopener noreferrer nofollow">NPS has a policy against making direct investments in cryptocurrencies</a>.&nbsp;
However, the latest acquisition suggests that there may have been an adjustment to this policy. Plus, in 2021, the funds had hinted at the possibility of investing in crypto exchanges.&nbsp;
<h2 id="b-coinbase-shares-sees-192-1-price-surge-b">Coinbase Shares Sees 192.1% Price Surge</h2>
The recorded stock growth for Coinbase confirms that South Korea’s NPS acquisition was a good “buy.” 
On Wednesday, COIN closed up 6.58% on the stock market Nasdaq at $98.15 indicating a 192.1% surge from $33.6 at the beginning of this year. Markedly, the shares of the publicly listed company have seen a 4% price growth in Q3, 2023 and almost 177% in the last eleven months.
Considering the average price of the shares at the time NPS made its acquisition, the pension fund made a 40% profit on its COIN investment. Based on the shares value by the close of Wednesday, the NPS COIN shares are currently valued at $27.74 million.
<h2 id="b-ark-invest-on-a-coin-purchasing-binge-b">ARK Invest on a COIN Purchasing Binge</h2>
Many other companies who invested in COIN shares before this time, must have recorded significant profits amid the price surge. 
Cathie Wood’s ARK Invest acquired quite a number of Coinbase shares in this year alone after trying to <a href="https://thecoinrise.com/star-investor-cathie-woods-ark-invest-dumps-1-4m-coinbase-shares/" rel="noopener noreferrer nofollow">dump the holding in 2022</a>. In February, the investment asset management firm <a href="https://thecoinrise.com/ark-invest-adds-additional-coinbase-shares-to-its-portfolio/" rel="noopener noreferrer nofollow">bought 63,585 COIN across two funds valued at $3.9 million</a> at the time.
ARK Invest purchased an additional 168,869 Coinbase shares in May at $8.5 million. Cumulatively, Cathie Wood’s ARK Invest has over 353,000 COIN shares in its investment portfolio.
The post <a href="https://thecoinrise.com/south-koreas-pension-enters-crypto-with-bet-on-coinbase-shares/" rel="noopener noreferrer nofollow">South Korea’s Pension Enters Crypto With Bet on Coinbase Shares</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

South Korea’s Pension Enters Crypto With Bet on Coinbase Shares

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