Crypto News – According to estimates in local media, the government pension fund of South Korea made a 40% profit on an investment of nearly $20 million in Coinbase shares in Q3 2023.
South Korea National Pension Fund Announces $20 Million Investment in Coinbase Shares
The National Pension Service (NPS) of South Korea bought roughly ₩26 billion ($19.92 million) in Coinbase shares, buying 282,673 COIN shares at an average price of $70.5, according to a local publication, News1, which cited a recent U.S. SEC filing. At $98.15, the shares are now trading over 40% more than the average purchase price of the NPS.
According to News1, the NPS, which as of June 2023 had over $750 billion in assets under administration, had a policy of refraining from making direct investments in cryptocurrency assets. Instead, crypto stocks are commonly used as a proxy for companies looking to acquire exposure to cryptocurrency markets without making direct investments.
Bitcoin ETF Excitement Sparks Interest in Coinbase
In 2023, Coinbase revealed a $2.2 million third-quarter loss, exceeding expectations in terms of earnings; a year prior, the company had announced $545 million in losses during the same period. With the price of Bitcoin rising to nearly $38,000 in recent days due to popular excitement about the approval of a Bitcoin ETF, asset managers such as BlackRock have chosen Coinbase as a custodian for their spot Bitcoin ETF applications.