South Korea's National Pension Service purchases Coinbase stock for the first time, with quarterly profit reaching up to 40%.

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South Korea's National Pension Fund Purchases Shares in Coinbase

According to reports from South Korean media outlets such as Hankyung and NEWS 1, this marks the first time that South Korea's National Pension Service has included a cryptocurrency-related company in its US stock investment portfolio.

The data submitted by the National Pension Fund to the SEC is as follows:

• Purchased 282,673 shares of Coinbase in the third quarter

• Valued at 26.1 billion Korean Won, approximately 19.93 million USD

• Average purchase price of around 70.5 USD

• COIN closing price at 98.15 USD, with an unrealized profit of approximately 40%

National Pension Fund Previously Rejected Investments in Crypto Assets

NEWS 1 pointed out that due to high volatility, the National Pension Fund had previously established a policy of "not directly investing" in virtual assets.

In 2021, the National Pension Fund faced criticism from the National Assembly for investing in virtual asset-related businesses. At that time, the National Pension Fund explained that it only invested in exchanges and emphasized that virtual assets were not the target of retirement fund investments.

Coinbase's Year-to-Date Increase Exceeds 170%

Coinbase has seen an increase of approximately 177% year-to-date.

Meanwhile, MicroStrategy, another company highly correlated with Bitcoin, has seen a higher increase of 257%.

In comparison, Bitcoin has only increased by 128%, and its "volatility" seems to be less than that of the US stock market.