South Korea’s public pension institution and one of the world’s largest pension funds, the National Pension Service (NPS) of South Korea, purchased more than 280,000 shares of the global cryptocurrency exchange Coinbase in the third quarter of this year. This investment was made in the third quarter of 2019. It’s up 39%. Value since purchase.
NPS acquired 282,673 shares of Coinbase (COIN) in Q3 2023, according to a stock holdings report submit Meeting with the U.S. Securities and Exchange Commission (SEC) on November 15.
Based on Coinbase’s closing price of $98.15 on November 15, the investment is worth $27.7 million. according to Data from TradingView. According to SEC filings, NPS has acquired a tranche of Coinbase shares for approximately $19.9 million, which represents a profit for the pension fund equivalent to $7 million, or 39%.
According to local news agency News1, South Korea’s public pension fund recently invested in Coinbase Fraction The company purchased COIN stock for the first time. NPS reportedly has a policy of not investing directly in cryptocurrencies such as Bitcoin (BTC) due to volatility.
In 2021, South Korea’s National Assembly reportedly criticized NPS’s investments in cryptocurrency-related businesses. To this, NPS argued that it only invests in exchanges and cryptocurrencies are not an investment target.
related: Coinbase losses narrow, crypto trading volume drops in third quarter
Coinbase stock has seen significant growth in 2023, surging to $110 per share in July. Since the start of 2023, COIN stock has increased in value by nearly 170% at around $37, according to TradingView. The stock is still down 74% from its all-time high of over $300 in September 2021.
Despite Coinbase facing a lawsuit from the U.S. SEC, the exchange still achieved significant growth in 2023. The lawsuit, filed in June 2023, accused Coinbase of violating U.S. securities laws by offering unregistered securities or certain cryptocurrencies for investment on its platform. In October, Coinbase once again questioned the SEC’s authority in the crypto space, arguing that its definition of security was too broad.
Additional reporting by Amaka Nwaokocha.
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