South Korean Pension Fund Buys $20M Worth of Coinbase Stock

The third-quarter purchase included 282,673 shares that have since gained about 40% in value.

Seoul, South Korea

Photo by Mathew Schwartz on Unsplash

Posted November 16, 2023 at 1:23 pm EST.

The South Korean pension fund National Pension Service picked up nearly $20 million worth of Coinbase (COIN) shares during the third quarter, according to a new filing with the U.S. Securities and Exchange Commission (SEC).

The purchase is another indication that South Korea is moving deeper into digital assets. In July, South Korea’s National Assembly passed the Virtual Asset User Protection Act as the first piece in establishing a legislative framework.

The pension fund picked up 282,673 Coinbase shares at $19,934,100 or about $70.52 per share. Coinbase shares rose 4% during the quarter ending on Sept. 30. The stock closed the trading day on Wednesday at $98.15, making the purchase now worth about $27.7 million, a 40% gain.

Pension funds worldwide have largely been hesitant or legally barred from gaining exposure to digital assets due to the higher-risk nature. In the U.S., two pension funds in Fairfax County, Virginia entered the crypto space in 2019. The investments included $35 million into VanEck’s New Finance Income Fund, which was among the creditors when crypto lender Genesis filed for bankruptcy earlier this year.