South Korea's National Pension Service (NPS) has made a substantial investment in MicroStrategy
What Happened: The pension fund, one of the largest in the world, has acquired shares worth nearly $34 million, as revealed in a recent filing.
NPS disclosed that it purchased 24,500 shares of MicroStrategy at an average price of $1,377.48 per share.
This investment was made just before MicroStrategy implemented a 10-for-1 stock split earlier this month, which increased the total number of shares held by NPS to 245,000.
Based on the company's latest closing price of $131.93, this investment is now valued at approximately $32.32 million.
MicroStrategy, led by executive chairman Michael Saylor, is widely recognized as the largest corporate holder of Bitcoin.
As such, NPS's investment in the firm is being viewed as an indirect endorsement of Bitcoin and a strategic move to gain exposure to the leading cryptocurrency.
This investment comes on the heels of Wall Street broker Benchmark revising its price target for MicroStrategy to $2,150, up from $1,875, despite the company missing its revenue target for the second quarter.
This optimistic outlook underscores the market's confidence in MicroStrategy's long-term strategy and its commitment to accumulating Bitcoin.
In addition to its stake in MicroStrategy, NPS also holds a significant position in crypto exchange Coinbase
The pension fund owns 229,807 shares of Coinbase, currently valued at over $45 million, with the stock closing at $197.12 recently.
NPS began building its position in Coinbase in 2023, initially purchasing 282,673 shares at an average price of $70.5 per share.
