South Korea’s National Pension Service (NPS) recently made a bold move by investing in Coinbase, the largest asset platform in the USA. This strategic decision proved successful, generating a notable 40% gain on the initial investment in just one quarter.
Korea’s NPS makes remarkable gain by investing in Coinbase
Renowned for its cautious approach to virtual assets, Korea’s National Pension Service (NPS) innovated by adding Coinbase shares to its US investment portfolio. A brave decision that is rather contrary to its tradition of not investing directly in cryptocurrencies.
The report on NPS assets submitted to the Securities and Exchange Commission shows how the acquisition of 282,673 Coinbase shares for $19.9 million or 26.1 billion won, generated exceptional returns for the National Pension Service which is ranked as the world’s third largest pension fund.
This estimated profit of around 40% on this investment and was made on the momentum of the recent rise in the price of Bitcoin, reaching its highest level in 18 months.
Coinbase: Record growth positively impacts NPS
The actions of Coinbase have recorded remarkable growth, recently closed at $98.15, up 6.58%, representing a significant increase of 192.1% compared with the beginning of the year, when their value stood at $33.6.
This outstanding performance emerged when Coinbase released its quarterly results, exceeding analysts’ expectations with remarkable third-quarter sales of $674.1 million.
The National Pension Service’s recent initiative highlights the growing emergence of the crypto sector and its impact on the traditional sphere. Despite its previous reluctance to invest directly in virtual assets, the National Pension Service has wisely seized the opportunity with the actions of Coinbase.
And you, would you rather hold crypto or shares in crypto companies? In any case, it’s well done for this institution, which has had the wind in its sails without contravening the legal constraints in place in South Korea.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.