National Pension Service of South Korea Scores Big with 40% Gain on Coinbase Shares
In Q3 2023, South Korea’s National Pension Service (NPS) made a savvy move by investing nearly $20 million in Coinbase shares, yielding a profitable return of approximately 40%, according to local reports citing a U.S. SEC filing.
The NPS purchased 282,673 COIN shares at an average cost of $70.5. With Coinbase shares currently trading at $98.15, this strategic investment showcases the pension fund’s successful foray into the crypto market. Despite having a policy against directly investing in crypto assets, the NPS leveraged Coinbase stocks, considered a proxy for exposure to crypto prices.
Coinbase, reporting a third-quarter loss of $2.2 million, exceeded expectations and has become a preferred custodian for spot Bitcoin ETF applications, contributing to Bitcoin’s recent price surge. Additionally, Coinbase’s layer-2 network, Base, has experienced substantial growth, boasting a total value locked (TVL) of $590 million, as reported by L2Beat.
Clever Robot News Desk 17th November 2023
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