South Korea’s Public Pension Fund acquired 245,000 shares in MicroStrategy during the second quarter of 2024.
According to a recent 13F filing, the investment worth $33.75 million represents 0.04% of the assets held by South Korea’s Public Pension Fund. The investment follows a previous acquisition of 282,673 Coinbase shares, which was the first investment by the fund in a crypto-related company.
This quarter the fund also sold 23,956 Coinbase shares to rake in profits following their increase in value. At their current price of $202.84, those shares are worth about $4.86 million.
What is MicroStrategy?
MicroStrategy is a United States company whose primary purpose is accumulating capital to buy Bitcoin (BTC) to keep in its coffers. According to an Aug. 1 press release, the company held 226,500 BTC — worth almost $13.4 billion as of press time.
The company’s chief executive, Michael Saylor, is now a household name among Bitcoin proponents. He led MicroStrategy to its current status of the largest corporate holder of Bitcoin, owning about 1% of all Bitcoin since late March.
The report follows Japan’s Government Pension Investment Fund taking Bitcoin into consideration as a potential investment diversification tool amidst economic and technological changes back in March. Founded in 2006 by the Japanese government, the GPIF’s investment strategy has traditionally focused on core infrastructure funds, which support essential social and economic activities.
This fund is particularly notable because as of December 2023, GPIF managed assets totaling ¥225 trillion ($1.54 trillion), securing its position as the largest pension fund globally.
Last month, Jersey City Mayor Steven Fulop announced that the city’s municipal pension plan will soon invest in Bitcoin spot ETFs. The move follows a similar investment by a Wisconsin pension fund earlier this year, signaling a growing trend among public retirement systems. He wrote at the time:
“The question on whether crypto/Bitcoin is here to stay is largely over and crypto/Bitcoin won.”
Featured image via Ideogram
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