South Korea's Pension Fund Dives into MicroStrategy with Nearly $34 Million Investment

South Korea's National Pension Service (NPS) has made a significant investment in MicroStrategy (MSTR), acquiring shares worth nearly $34 million in the second quarter of 2024.

Investment Details

The NPS purchased 24,500 shares at an average price of $1,377.48 each. This acquisition occurred prior to MicroStrategy's recent 10-for-1 stock split. After the split, the NPS now holds 245,000 shares, valued at approximately $32.32 million based on MicroStrategy's latest closing price of $131.93.

Indirect Bitcoin Exposure

MicroStrategy is well-known for its substantial Bitcoin holdings, making NPS's investment an indirect bet on the cryptocurrency. As the largest corporate holder of Bitcoin, MicroStrategy’s performance is closely tied to the value of the token.

Analyst Upgrades and Other Holdings

Wall Street broker Benchmark recently increased its price target for MicroStrategy from $1,875 to $2,150, despite the company missing its revenue targets for Q2.

In addition to its investment in MicroStrategy, NPS holds 229,807 shares of Coinbase (COIN), valued at over $45 million based on Coinbase's last closing price of $197.12. The pension fund began investing in Coinbase in 2023, accumulating 282,673 shares at an average price of $70.5.