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The National Pension Service (NPS) of South Korea announced that it invests in crypto-related companies such as Coinbase and MicroStrategy instead of directly purchasing Bitcoin 
$104,570 or other cryptocurrencies. NPS clarified that its investment decisions aim not to invest in cryptocurrencies but are based on the benchmark index. This statement was made in response to public speculation regarding the fund’s indirect investments in cryptocurrencies.
Details of NPS’s Investments in Coinbase and MicroStrategy
NPS emphasized that the investments in companies like Coinbase and MicroStrategy are made within the framework of external management decisions and the Morgan Stanley Capital International (MSCI) index they follow. For instance, as of March 2023, the National Pension Fund owned 28 million shares of Coinbase, with a market value of 1.009 trillion South Korean won. During the same period, it acquired 200 shares of MicroStrategy, amounting to a total value of 4 billion South Korean won.
MicroStrategy is known as a major player holding 1.2% of the global Bitcoin supply and is recognized for its chairman Michael Saylor’s strong support of the leading cryptocurrency.
Fund Rejects the Claim: Investment Index-Based, Not Crypto-Targeted
While the market interprets NPS’s purchases of Coinbase and MicroStrategy shares as indirect investments in Bitcoin, the fund rejected this claim. NPS reiterated that the stock acquisitions are not aimed at investing in cryptocurrencies and are solely based on index alignment.
Additionally, the fund noted that it would consider limiting investments in crypto-related companies, depending on decisions by the Fund Management Committee. If such a restriction is imposed, the fund will remove these companies from its indices and cease future investments in them.
Finally, the fund emphasized its commitment to profitability and reliability principles in its management policies. South Korean lawmaker Baek Jong-heon highlighted the need for careful assessment of risks associated with cryptocurrencies in the fund’s management, joining the discussions concerning stock purchases and crypto connections.
