South Korea's Pension Fund Invests in Coinbase

South Korea's National Pension Service (NPS) has purchased over 280,000 shares of cryptocurrency exchange Coinbase, according to SEC data.

The NPS, one of the world's largest pension funds, acquired 282,673 shares of Coinbase (COIN) in the third quarter of 2023. The investment is now worth $27.7 million, a 39% increase since the purchase.

This marks the first time the NPS has invested in COIN stock, as the pension fund has previously avoided directly investing in cryptocurrencies due to their volatility.

Coinbase Stock Sees Significant Growth Despite Challenges

Coinbase stock has experienced substantial growth in 2023, reaching as high as $110 per share in July. Year-to-date, COIN shares have gained close to 170% in value. However, the stock is still 74% below its all-time highs from September 2021.

Despite its success, Coinbase has faced legal challenges. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange, alleging that it offered unregistered securities on its platform. In October, Coinbase disputed the SEC's authority in the crypto space.

With this investment, the NPS shows confidence in the future of cryptocurrency and the potential of Coinbase as a leading player in the industry.