This pension fund buys millions of shares in Crypto Company Coinbase

South Korea’s National Pension Service, the world’s third-largest pension fund by assets, bought Coinbase shares for $19.9 million.

Bought hundreds of thousands of shares

The NPS inventory report filed with the U.S. Securities and Exchange Commission on Wednesday shows that the pension fund purchased 282,673 shares of Coinbase Global in the third quarter of this year.

This is the first time that NPS, whose assets under management stood at $755 billion at the end of June, has included cryptocurrency-related assets in its investment portfolio, South Korea’s News1 reported.

Local media reported that the national pension fund has a policy of not investing directly in cryptocurrencies. But fortunately there are several roads to Rome, for example, someone from the fund once said in 2021 that they could invest in crypto exchanges.

Hopefully the pension fund also sees the upcoming Bitcoin ETF as an indirect investment.

How Are Coinbase Stocks Performing?

Coinbase shares on the Nasdaq closed 6.58% higher at $98.15 on Wednesday, up 192.1% from $33.6 at the start of the year.

Coinbase beat analyst estimates, reporting revenue of $674.1 million in the third quarter of this year, up 14.2% year over year. The company reported a net loss of $2 million for the quarter, compared to $545 million a year ago. A significant improvement!

The possible approval of Bitcoin exchange-traded funds in the US has investors excited and could lead to more investors investing in Coinbase. Coinbase is also involved, most ETF candidates work with Coinbase. Someone has to hold and store your Bitcoins, and the SEC has more confidence in Coinbase doing this than in the funds doing it themselves.