South Koreaâs National Pension Service (NPS) has purchased $34 million worth of shares in MicroStrategy, the business intelligence firm that has accumulated billions in Bitcoin.
According to a recent SEC filing, the NPS bought 24,500 MicroStrategy shares in the second quarter at an average price of $1,377. This translates to roughly 245,000 shares after MicroStrategyâs 10-for-1 stock split this month.
As South Koreaâs public pension fund, the NPS is the countryâs largest institutional investor, with over $777 billion in assets. The $34 million MicroStrategy investment can be seen as an indirect bet on Bitcoin.
MicroStrategy holds the most Bitcoin of any publicly traded company, with over 226,500 BTC worth around $13.2 billion. The firm took on debt to accumulate most of its Bitcoin, making the stock a leveraged play on Bitcoin.
The NPS joins a growing list of pension and sovereign wealth funds, gaining exposure to Bitcoin through MicroStrategy. Norwayâs central bank and the Swiss National Bank also disclosed MicroStrategy holdings earlier.
MicroStrategyâs stock price has nearly doubled this year as more institutional players bet on the companyâs Bitcoin strategy. Defiance ETFs even launched a leveraged ETF that targets 175% of MicroStrategyâs daily moves.
Major pension fundsâ global embrace of MicroStrategy shares validates Bitcoinâs emergence as the best treasury for public companies.Â
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