South Korea’s National Pension Service (NPS) revealed that it purchased $33.75 million worth of MicroStrategy shares. According to the 13F quarterly report, the NPS acquired 245,000 new shares of MicroStrategy (MSTR) during the second quarter of this year.
The NPS initially ventured into indirect Bitcoin investment in the third quarter of last year by purchasing 282,673 shares of Coinbase. The average purchase price for Coinbase shares was $78. The NPS later sold 23,956 shares, realizing some of its gains.
The public pension fund is now increasing its exposure to Bitcoin-related stocks through new investments in MicroStrategy.
MicroStrategy owns 226,500 Bitcoin, which accounts for over 1% of the total Bitcoin supply.
See Related: South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment
MicroStrategy’s Strategy
MicroStrategy’s Bitcoin strategy is straightforward: the company intends to continue buying more Bitcoin as long as possible. Earlier this month, MicroStrategy announced a $2 billion ATM equity offering program, with the proceeds earmarked for additional Bitcoin purchases.
In March, the company announced a $500 million convertible debt offering, with funds similar to those intended for Bitcoin acquisition. This strategy has caught the interest of other companies, such as Semler Scientific and Metaplanet, who have adopted similar approaches.