According to South Korea's local news agency News1, South Korea's National Pension Fund (NPS), the world's third largest pension fund, purchased Coinbase shares in the third quarter of 2023.
NPS purchased 282,673 Coinbase shares worth $19.9 million, according to the Pension Fund's report filed with the SEC.
As NPS's assets under management reached $755 billion at the end of June, the fund made a cryptocurrency industry-related asset part of its investment portfolio for the first time and invested in Coinbase stock.
At this point, the fund's Coinbase investment in the third quarter is at a 40% profit.
In a statement made in 2021, the pension fund said that they could invest in crypto exchanges according to the investment policy they determined, but that they did not intend to invest directly in cryptocurrencies.
Coinbase shares, listed on Nasdaq, were at $33.6 at the beginning of 2023. Coinbase shares (COIN), which increased by approximately 192% during the year to $ 110, closed at $ 98.15 yesterday.
Apart from the South Korean National Pension Fund, other companies have also invested in Coinbase. The most well-known and notable of these was Ark Invest, whose CEO is Bitcoin investor Cathie Wood.
Ark Invest has collected shares of Coinbase and some companies throughout the year, and recently sold some shares.
*This is not investment advice.
