South Korea's NPS Purchased Stake In Coinbase For $20M, Yields About 40% Profit
Portfolio Pulse from Murtuza Merchant
South Korea's National Pension Service (NPS) has acquired a stake in Coinbase (NASDAQ:COIN) worth $20 million, marking its first investment in a virtual asset-related company in the U.S. stock portfolio. The NPS's investment in approximately 282,673 shares of Coinbase has yielded about a 40% profit, with the average purchase price per share at $70.50 and a recent closing price of $98.15. This move indicates a growing interest in the virtual assets market by a major national pension fund.
November 16, 2023 | 4:57 pm
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South Korea's NPS has made a profitable investment in Coinbase, with a 40% return on their $20 million stake. This reflects positively on Coinbase's market performance and investor confidence.
The news of a major national pension fund like South Korea's NPS not only investing in but also profiting from a stake in Coinbase is a strong positive signal for investor confidence. It suggests that institutional investors are recognizing the potential of virtual asset exchanges. This could lead to increased investor interest and potentially drive up the stock price of Coinbase in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100