- According to the latest announcement, South Korea’s largest investment group, the National Pension Service, invested in Coinbase in the third quarter of 2023.
- In the third quarter, the National Pension Service purchased 282,673 shares of Coinbase, valued at $19.9 million, equivalent to 26.1 billion won.
- The rally in Coinbase (COIN) shares continued after the cryptocurrency exchange reported strong third-quarter figures two weeks ago.
South Korea’s largest investment group, the National Pension Service, reported an investment in the United States’ largest cryptocurrency exchange.
Investment Group in South Korea Makes Share Investment
As the crypto industry continues to mature, state institutions are increasingly exposed to crypto companies. According to the latest announcement, South Korea’s largest investment group, the National Pension Service, invested in Coinbase in the third quarter of 2023.
The National Pension Service included a company related to virtual assets in its U.S. stock portfolio for the first time. According to the stock holding report filed with the U.S. Securities and Exchange Commission (SEC) on the 16th day, the National Pension Service purchased 282,673 shares of Coinbase valued at $19.9 million in the third quarter, equivalent to 26.1 billion won.
Coinbase, listed on Nasdaq in April 2021, is the largest cryptocurrency asset exchange in the United States. Despite its policy of avoiding direct investment in virtual assets due to volatility, the National Pension Service seized an opportunity with Coinbase’s shares. It was proven that the National Pension Service achieved approximately a 40% profit in just one quarter due to the increase in Bitcoin’s strength after the acquisition.
The National Pension Service, previously criticized for indirectly investing in a virtual asset-related business, emphasizes that it only invested in the exchange and that virtual assets are not a direct investment target for the pension fund. Some retirement plans sought direct exposure to crypto assets during the 2021 crypto bull run.
COIN Stock Rise
The rally in Coinbase (COIN) shares continued after the cryptocurrency exchange reported strong third-quarter figures two weeks ago. On Tuesday, November 15, the COIN stock price approached $100 with another 6.58% increase.
During the crypto winter of 2022, Coinbase shares experienced a painful correction, eroding 90% of their value after the initial public offering in 2021. Earlier this year, COIN shares dropped to $33, an all-time low. However, since then, Coinbase shares have gained a massive 200% in 2023 so far.
Nevertheless, it is still trading at a 66% discount from its all-time highs. Some major players have made significant investments in Coinbase this year. However, Cathie Wood of Ark Invest has been selling COIN shares on every rise.
