Korean The National Pension Service (NPS) has bought $34 million worth of shares in MicroStrategy, a business intelligence company that holds billions of dollars worth of Bitcoin.
BREAKING: 🇰🇷 South Korean pension fund reports buying $34 million worth of MicroStrategy shares. pic.twitter.com/Sg5cRAkjzZ
— Bitcoin Magazine (@BitcoinMagazine) August 16, 2024
be Recent SEC FilingsNPS bought 24,500 shares of MicroStrategy stock during the second quarter at an average price of $1,377, which is equivalent to about 245,000 shares after MicroStrategy’s 1-for-10 stock split this month.
South Korea’s public pension fund, the National Pension Fund, is the country’s largest institutional investor with more than $777 billion in assets. MicroStrategy’s $34 million investment can be seen as an indirect bet on Bitcoin.
MicroStrategy The company holds the largest amount of Bitcoin of any publicly traded company, with over 226,500 BTC, valued at approximately $13.2 billion. The company borrowed money to accumulate most of its Bitcoin, making the stock a leveraged trade against Bitcoin.
NPS joins a growing list of pension funds and sovereign wealth funds that have gained exposure to Bitcoin through MicroStrategy, with the Norwegian central bank and Swiss National Bank also having previously disclosed their MicroStrategy holdings.
MicroStrategy’s stock has nearly doubled this year as more institutional investors bet on the company’s bitcoin strategy. Leveraged ETF launched It targets 175% of MicroStrategy’s daily movement.
The adoption of MicroStrategy shares by major pension funds around the world confirms that Bitcoin is emerging as the financial vehicle of choice for public companies.
