South Korea's Pension Fund Bought $20M Coinbase Shares in Q3, Made 40% Profit: Report

The fund snapped up COIN at an average price of $70.5 in the third quarter, achieving a 40% profit from investment.

AccessTimeIconNov 16, 2023 at 5:30 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korean pension fund, National Pension Service (NPS), bought nearly $20 million worth of Coinbase (COIN) shares in the third quarter, local outlet News1 reported, citing the NPS’ latest stock holding report to the U.S. Securities and Exchange Commission (SEC).

NPS snapped up 282,673 shares at an average price of $70.5, amounting to an investment of $19.92 million or nearly 26 billion Korean won (₩). The shares are worth around $27.74 million based on Coinbase’s last close on Wednesday.

The investment in the Nasdaq-listed crypto exchange helped the fund achieve 40% profit in the quarter. COIN shares have rise 4% in the third quarter and 177% this year.

The fund has reportedly added a digital assets company to its U.S. stock portfolio for the first time on record. South Korea's National Assembly has criticized the fund for taking exposure to businesses related to virtual assets. A key objection against pension funds investing in cryptocurrencies is that digital assets do not generate any cash, and the only way to make a return is by selling them to the next investor willing to pay more.

Still, a survey by Pensions Age early this year found that pension schemes “overwhelmingly” regard digital assets as a major part of the investment landscape and view them as a portfolio diversification opportunity.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.