Sign Up on MEXC
As the crypto industry continues to mature, government institutions have started seeking exposure to crypto firms. As per the latest announcement, South Korea’s largest investment group National Pension Service invested in the Coinbase (NASDAQ: COIN) during the third quarter of 2023.
National Pension Service Invests in Coinbase
For the first time, the National Pension Service has incorporated a virtual asset-related company into its U.S. stock portfolio. According to the stock holdings report filed with the U.S. Securities and Exchange Commission (SEC) on the 16th, the National Pension Service acquired 282,673 shares of Coinbase stock in the third quarter, valued at $19,934,100, equivalent to 26.1 billion won.
Coinbase, the largest asset exchange in the United States, listed on Nasdaq in April 2021. The National Pension Service, despite its policy of avoiding direct investments in virtual assets due to volatility, seized an opportunity with Coinbase’s stock. The move proved lucrative, with the National Pension Service making a profit of about 40% in just one quarter, given the surge in Bitcoin’s strength following the acquisition.
It’s noteworthy that the National Pension Service, previously criticized for indirectly investing in a virtual asset-related business, clarified that it only invested in the exchange. It also emphasizes that virtual assets were not a direct investment target of the pension fund, noted a local news publication.
During the crypto bull run of 2021, some of the pension schemes sought direct exposure to crypto.
COIN Stock Rally
The rally in the Coinbase (COIN) stock has continued as the crypto exchange announced strong Q3 numbers two weeks back. On Tuesday, November 15, the COIN stock price surged by another 6.58% moving closer to $100.
Amid the crypto winter of 2022, Coinbase stock witnessed a brutal correction by eroding 90% of its value since the public listing in 2021. Earlier this year, the COIN stock dropped to its all-time low of $33. However, since then, the Coinbase stock has gained a phenomenal 200% so far in 2023. However, it is still trading at a 66% discount from its all-time high levels.
Some of the biggest market players have been investing in Coinbase this year. However, Ark Invests’ Cathie Wood has offloaded the COIN stock at every rise.
- REX-Osprey Solana Staking ETF’s AUM Hits New High Amid SOL Rally
- Breaking: Tether To Launch US-Based Stablecoin USAT With Bo Hines As CEO
- Breaking: Polymarket Partners With Chainlink To Boost Market Resolution Process
- Pi Network Upgrades Blockchain Protocol To Version 20 On Testnet As Pi Coin Price Jumps 3%
- Galaxy Digital Boosts Solana Holdings as FTX Estate Unstakes $45M SOL
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Forecast: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
