South Korea’s National Pension Fund Buys $34 Million in MicroStrategy Stock

South Korea’s National Pension Service reported purchases of nearly $34 million in MicroStrategy stock.

NPS is the largest public pension fund in South Korea and the third largest in the world with more than $729 billion in assets.

Wu Blockchain shared the news via X:

South Korea’s National Pension Service (NPS) revealed that it purchased 245,000 shares of MicroStrategy in the second quarter of this year, worth about $33.75 million. Previously, the NPS purchased 282,700 shares of Coinbase in the third quarter of last year. The NPS manages $729.77 billion…

— Wu Blockchain (@WuBlockchain) August 16, 2024

Filings with the U.S. Securities and Exchange Commission indicate that NPS acquired 245,500 shares of MicroStrategy stock for a total of $33.5 million. The filing relates to the fund’s investments during the quarter ending June 30, 2024.

According to the media InfomaxThe National Pension Service’s investment in U.S.-based MicroStrategy shares represents 0.04% of the fund’s total investment in U.S. stocks.

In addition to MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox, and more than $61 million in Block, Inc. shares. The fund also holds shares of AI chip giant Nvidia and tech giants Google and Microsoft.

MicroStrategy shares up 92% year-to-date

While MicroStrategy stock has fallen 20% as the cryptocurrency market faces volatile conditions, despite falling from mid-July highs of $180 to around $131 currently, MSTR remains up over 92% year-to-date.

MicroStrategy, along with major cryptocurrency-related companies such as Coinbase, are largely bullish on Bitcoin’s growth and projections. For MicroStrategy, led by Michael Saylor, part of the success came after adopting the strategy of adding BTC to its balance sheet.

MSTR has soared alongside Bitcoin since MicroStrategy first bought BTC in 2020, with the latest surge coming as Bitcoin struggles to reclaim $60,000.

Saylor said in a recent article on X that MSTR has outperformed 499 of the 500 stocks in the S&P 500.

Four years ago today, MicroStrategy adopted #Bitcoin as the Treasury’s main reserve asset; since then $MSTR outperformed 499 of the 500 stocks in the S&P 500. pic.twitter.com/Db7GVeyc9a

— Michael Saylor (@saylor) August 11, 2024

The company acquired an additional 12,222 BTC in Q2 2024, adding over $805 million in BTC to its capital. Currently, MicroStrategy holds 226,500 BTC worth over $13 billion.