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South Korea National Pension Service: No plans to invest in cryptocurrencies for now, previous purchases of Coinbase and MicroStrategy stocks were automated
2024-10-01 06:19
Odaily News South Korea’s National Pension Fund claims that it has no plans to invest in crypto assets for the time being, despite recent purchases of cryptocurrency-related stocks. The National Pension Service of South Korea (NPS) explained that its recent purchases of Coinbase and MicroStrategy shares were “automatic.” The fund said it uses index management tools to manually track the benchmark Morgan Stanley Capital International Index (MSCI), and also uses services that “entrust individual corporate investments to entrusted management (providers).” Therefore, NPS purchases Coinbase and MicroStrategy stocks when they are “included in the relevant benchmark index” or selected by the entrusted management provider. Last year, NPS’s fund managers purchased $20 million worth of Coinbase shares. In August of this year, the fund invested $33.75 million in MicroStrategy shares. (Money Today)