South Korean Pension Fund Purchases $20 Million in Coinbase Stock

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Last Updated on November 17, 2023 by Bitfinsider

According to a new filing with the US Securities and Exchange Commission (SEC), the South Korean pension fund National Pension Service purchased approximately $20 million in Coinbase (COIN) shares during the third quarter.

The purchase is just another evidence that South Korea is investing more heavily in digital assets. The Virtual Asset User Protection Act was enacted by South Korea’s National Assembly in July as the first step in constructing a legislative framework.

The pension fund purchased 282,673 Coinbase shares for $19,934,100, or nearly $70.52 per share. Coinbase’s stock climbed 4% in the fiscal quarter that ended on September 30. The stock ended at $98.15 on Wednesday, making the acquisition worth around $27.7 million, a 40% increase.

Due to the heightened risk, pension funds throughout the world have been cautious or legally forbidden from having exposure to digital assets. In the United States, two funds in Fairfax County, Virginia, invested in cryptocurrency in 2019.

VanEck’s New Finance Income Fund, which was one of the creditors when crypto lender Genesis declared bankruptcy earlier this year, received $35 million as part of the investments.

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