South Korea's National Pension Service (NPS) has invested $34 million in MicroStrategy, purchasing shares in the business intelligence firm known for its substantial Bitcoin holdings.
According to a recent SEC filing, the NPS acquired 24,500 shares of MicroStrategy during the second quarter at an average price of $1,377.
After MicroStrategy's recent 10-for-1 stock split, this purchase translates to approximately 245,000 shares.
As the largest institutional investor in South Korea, with assets exceeding $777 billion, the NPS has increased its exposure to Bitcoin through this investment.
MicroStrategy holds over 226,500 Bitcoin, valued at approximately $13.2 billion, making it the largest Bitcoin holder among publicly traded companies.
The company financed much of its Bitcoin acquisition through debt, which adds leverage to its stock's exposure to Bitcoin.
The NPS joins other pension and sovereign wealth funds, such as Norway’s central bank and the Swiss National Bank, in investing in MicroStrategy to gain indirect exposure to Bitcoin.
This year, MicroStrategy’s stock price has nearly doubled, influenced by increased institutional interest in its Bitcoin strategy.