South Korea's Pension Fund Snaps Up Nearly $34M MicroStrategy Shares

• South Korea's pension fund bought 24,500 shares of the Michael Saylor-led firm, before the 10:1 stock split.
• The MicroStrategy purchase can be seen as indirect investment in bitcoin {{BTC}}.

South Korean pension fund, National Pension Service (NPS), bought MicroStrategy (MSTR) shares worth nearly $34 million in the second quarter of this year, according to a filing made public earlier this week.

The fund disclosed that it purchased 24,500 shares at an average price of $1,377.48, before MicroStrategy announced a 10-for-1 stock split in the beginning of this months. This brings the total number of shares to 245,000, valued at $32.32 million, based on MicroStrategy's last close of $131.93.

The purchase by NPS can be seen as an indirect investment in bitcoin {{BTC}} as MicroStrategy is the largest corporate holder of the token.

Earlier this month, Wall Street broker Benchmark raised its price target on the Michael Saylor-led firm to $2,150 from $1,875. Benchmark raised the price target despite MicroStrategy missing its revenue target for Q2.

NPS also holds 229,807 shares of Coinbase (COIN), worth over $45 million, based on Coinbase's last close of $197.12. The fund started buying shares in the crypto exchange in 2023, snapping up 282,673 shares at an average price of $70.5.

Read More: MicroStrategy Is Pioneering Bitcoin Capital Markets, Bernstein Says