South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, has made significant investments in the cryptocurrency sector by acquiring shares of MicroStrategy.
Investment in MicroStrategy
The National Pension Service of South Korea (NPS) acquired 245,000 shares of MicroStrategy (MSTR) during the second quarter of this year. This investment is valued at approximately $33.75 million, highlighting NPS's growing interest in cryptocurrency. MicroStrategy, known for its substantial Bitcoin holdings, recently received approval from the US Securities and Exchange Commission (SEC) to launch an ETF, marking a significant milestone for the company and the cryptocurrency market.
Previously Purchased Coinbase Shares
This is not NPS’s first investment in cryptocurrency assets. Earlier, the service acquired 282,700 shares of Coinbase, one of the world's largest cryptocurrency exchanges. This investment policy reflects NPS leadership's confidence in the long-term potential of cryptocurrencies as an asset class.
Embezzlement of Government Funds
Amid high inflation and market downturn in South Korea, a civil servant has been charged with embezzling more than $400,000 from government funds. Reports indicate that a portion of the stolen money was used for cryptocurrency investments. The Korean Sports and Olympic Committee has filed a lawsuit against the individual for fraud and embezzlement.
The investments by the National Pension Service of South Korea in the cryptocurrency sector underscore confidence in its long-term potential, despite existing economic challenges and scandals.
Comments