South Korea’s National Pension Service Invests in MicroStrategy Stock
South Korea’s national pension fund, the National Pension Service (NPS), recently disclosed its investment in MicroStrategy stock, purchasing nearly $34 million worth of shares. NPS, the largest public pension fund in South Korea and the third largest globally with assets over US$729 billion, confirmed the acquisition of 245,000 MicroStrategy shares in the second quarter of this year.
According to reports, the details filed with the U.S. Securities and Exchange Commission reveal that NPS bought 245,500 shares of MicroStrategy stock for a total price of $33.5 million. This investment was part of the fund’s strategy for the quarter ending June 30, 2024. Additionally, the NPS holds substantial investments in other tech companies like Coinbase, Roblox, Block, Inc., and Microsoft.
MicroStrategy’s Performance and Bitcoin Connection
Despite the volatility in the cryptocurrency market, MicroStrategy’s stock price has shown resilience, with a 92% year-to-date increase. While experiencing a recent 20% dip, the company’s stock remains on an upward trend, reflecting investor confidence.
MicroStrategy’s success is closely tied to its bold move of adding Bitcoin to its balance sheet. Led by CEO Michael Saylor, the company has been bullish on Bitcoin’s potential and has continued to accumulate the digital asset. This strategy has paid off, with MicroStrategy outperforming the majority of stocks in the S&P 500 index.
In the second quarter of 2024, MicroStrategy further bolstered its Bitcoin holdings by acquiring an additional 12,222 BTC, bringing its total to 226,500 Bitcoins valued at over $13 billion.
Overall, the National Pension Service’s investment in MicroStrategy stock and the company’s strong performance demonstrate the growing interest and confidence in both traditional tech companies and cryptocurrency assets like Bitcoin.
