The National Pension Service of South Korea, which is the third-largest pension fund in the world in terms of assets, recently acquired $19.9 million worth of Coinbase shares.
According to the pension fund’s holdings report submitted on Wednesday, they purchased 282,673 shares of Coinbase Global during the third quarter of this year.
This is the first time that the NPS, which currently has $755 billion in assets under management, has included a cryptocurrency-related security in its investment portfolio, as reported by Korean news source News1.
Although the fund has a policy against directly investing in crypto assets, it was previously stated in 2021 that they may invest in crypto exchanges.
At the end of Wednesday, Coinbase shares on Nasdaq closed at $98.15, a 6.58% increase from the previous day and a significant 192.1% increase from the beginning of this year.
The latest earnings report from Coinbase showed that they exceeded analysts’ expectations, reporting $674.1 million in revenue for the third quarter of this year, which is a 14.2% increase from the same period last year.
