South Korea’s National Pension Service has invested $19.9 million in Coinbase.
This investment has boosted Coinbase’s stock price by 6.58%.
The investment is a sign that traditional financial institutions are becoming more open to cryptocurrencies.
In a groundbreaking move, South Korea’s National Pension Service has stepped into the world of cryptocurrencies, making headlines with its strategic investment in Coinbase, a leading cryptocurrency exchange on Nasdaq. This marks a significant change for the pension fund as it ventures into virtual assets within its U.S. stock portfolio.
Coinbase – Breaking Barriers?
According to a report submitted to the U.S. Securities and Exchange Commission, The National Pension Service snapped up a hefty 282,673 shares of Coinbase stock in the third quarter, a move valued at a substantial $19.9 million, around 26.1 billion won. This bold step into the cryptocurrency market shows that traditional financial institutions are acknowledging the importance of digital assets.
A Notable Rise
Following this investment, Coinbase experienced a notable boost in its stock price, surging by an impressive 6.58% on Wednesday. The closing figure on Nasdaq settled at $98.15, a substantial increase from the $33.60 at the start of the year, marking a 192.1% rise. The company’s third-quarter earnings report further solidifies its position, showing a revenue of $674.1 million, a 14.2% increase year-on-year, and a net loss of $2 million—an improvement compared to the $545 million loss reported in the same period last year.
Also Read: Altcoin Mania in South Korea, Bitcoin and Ethereum Left Behind!
Investor Interest Reignited!
The potential approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. and the recent surge in bitcoin prices have excited investors curious about crypto. This enthusiasm has led to more investment in stocks related to cryptocurrencies. Bitcoin itself has seen an impressive surge, rising by 126.3% this year and currently trading at $37,446 in Asia.
Read More: “All ETFs Will Be Approved,” MELD CEO Reveals Bold BTC Predictions
South Korea’s National Pension Service is making history with its investment in Coinbase. This move not only signifies a big change for the pension fund but also shows that traditional financial institutions are becoming more open to the world of cryptocurrencies and digital assets.
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