South Korean Pension Fund Invests in Coinbase

MetaversePlanet November 16, 2023

0 1 minute read

South Korea’s National Pension Fund, the third-largest in the world by asset size, has made an investment in the U.S.-based cryptocurrency exchange, Coinbase.

According to official U.S. sources, the pension fund acquired a total of 282,673 shares in Coinbase during the third quarter of the year.

These shares, purchased by the National Pension Service, which manages over $750 billion in assets, were valued at $19.9 million.

South Korean sources highlight that the pension fund exhibits a greater interest in indirect products, such as stock market shares, rather than making direct investments in cryptocurrencies.

COIN on the climb

South Korean pension fund invests in Coinbase

Following the positive U.S. inflation data and the news of the investment by the third-largest pension fund, shares of Coinbase traded on the Nasdaq stock exchange experienced an increase.

Stocks with the ticker COIN, which closed the last session at $98.15, surged by 6.58 percent in a single day.