South Korea‘s National Pension Service (NPS), the world’s third-largest pension fund, purchased $33.7 million worth of MicroStrategy shares in Q2 to boost its indirect exposure to Bitcoin.
The NPS also held 229,807 shares of Coinbase, valued at $51 million as of June, slightly down from earlier in the year. MicroStrategy, the largest corporate Bitcoin holder, is often seen as a proxy for Bitcoin exposure.
This year, MicroStrategy’s stock has risen 92%, and Coinbase’s stock is up 25%. The SEC also approved a leveraged ETF targeting MicroStrategy.
The fund purchased 24,500 shares of MicroStrategy at an average price of $1,377.48 before the company’s 10-for-1 stock split, bringing its total to 245,000 shares valued at $32.32 million.
This investment by NPS is seen as an indirect bet on Bitcoin, as MicroStrategy is the largest corporate holder of the cryptocurrency. Despite missing its Q2 revenue target, Wall Street broker Benchmark recently raised its price target for MicroStrategy from $1,875 to $2,150.
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