South Korea’s pension fund purchased 24,500 shares of the Michael Saylor-led agency, earlier than the ten:1 inventory cut up.
The MicroStrategy buy might be seen as oblique funding in bitcoin (BTC).
South Korean pension fund, Nationwide Pension Service (NPS), purchased MicroStrategy (MSTR) shares price almost $34 million within the second quarter of this yr, in line with a submitting made public earlier this week.
The fund disclosed that it bought 24,500 shares at a median worth of $1,377.48, earlier than MicroStrategy introduced a 10-for-1 inventory cut up to start with of this months. This brings the overall variety of shares to 245,000, valued at $32.32 million, based mostly on MicroStrategy’s final shut of $131.93.
The acquisition by NPS might be seen as an oblique funding in bitcoin (BTC) as MicroStrategy is the biggest company holder of the token.
Earlier this month, Wall Road dealer Benchmark raised its worth goal on the Michael Saylor-led agency to $2,150 from $1,875. Benchmark raised the worth goal regardless of MicroStrategy lacking its income goal for Q2.
NPS additionally holds 229,807 shares of Coinbase (COIN), price over $45 million, based mostly on Coinbase’s final shut of $197.12. The fund began shopping for shares within the crypto alternate in 2023, snapping up 282,673 shares at a median worth of $70.5.
Learn Extra: MicroStrategy Is Pioneering Bitcoin Capital Markets, Bernstein Says