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Home Blockchain

South Korea’s National Pension Service Invests Heavily in Coinbase

by Dan K
Nov 16, 2023 - 4:30 pm
in Blockchain
Graphical representation of South Korea's National Pension Service investment in Coinbase shares.

South Korea’s Pension Fund Makes a Bold Move

The National Pension Service (NPS) of South Korea, recognized as one of the globe’s largest pension funds, has taken a significant step in the world of cryptocurrency investment. In the third quarter of 2023, the NPS acquired an impressive 282,673 shares in the global cryptocurrency exchange Coinbase.

Strategic Investment Yields High Returns

This strategic investment, amounting to approximately $20 million, has proven to be fruitful. The value of these shares has escalated to $27.7 million as of November 15, marking a substantial 39% increase since their purchase.

A First for South Korea’s NPS

The acquisition of Coinbase shares by the NPS is a groundbreaking move, marking the fund’s first investment in the stock of a cryptocurrency exchange. Historically, the NPS has refrained from directly investing in cryptocurrencies like Bitcoin, citing concerns about volatility.

Overcoming Legislative Challenges

In 2021, South Korea’s National Assembly raised concerns regarding the NPS’s involvement in crypto-related businesses. However, the NPS maintained that its focus was solely on the cryptocurrency exchange, not on cryptocurrencies themselves.

Coinbase’s Market Performance

2023 has been a remarkable year for Coinbase, with the company’s stock escalating to highs of $110 per share in July. Despite a lawsuit from the U.S. SEC regarding alleged violations of securities laws, Coinbase’s stock value has seen a significant rise, nearly 170% since the beginning of the year.

Concluding Remarks

The bold move by South Korea’s National Pension Service to invest in Coinbase not only showcases a growing confidence in cryptocurrency exchanges but also highlights the dynamic nature of investment strategies in today’s digital age.

Tags: CoinbaseSECSouthKorea
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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