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South Korea’s <\/a>National Pension Service (NPS) has purchased $34 million worth of shares in MicroStrategy, the business intelligence firm that has accumulated billions in Bitcoin.<\/p>\n JUST IN: \ud83c\uddf0\ud83c\uddf7 South Korean pension fund reports buying $34 million in MicroStrategy shares. pic.twitter.com\/Sg5cRAkjzZ<\/a><\/p>\n — Bitcoin Magazine (@BitcoinMagazine) August 16, 2024<\/a><\/p><\/blockquote>\n According to a recent SEC filing<\/a>, the NPS bought 24,500 MicroStrategy shares in the second quarter at an average price of $1,377. This translates to roughly 245,000 shares after MicroStrategy’s 10-for-1 stock split this month.<\/p>\n As South Korea’s public pension fund, the NPS is the country’s largest institutional investor, with over $777 billion in assets. The $34 million MicroStrategy investment can be seen as an indirect bet on Bitcoin.<\/p>\n MicroStrategy<\/a> holds the most Bitcoin of any publicly traded company, with over 226,500 BTC worth around $13.2 billion. The firm took on debt to accumulate most of its Bitcoin, making the stock a leveraged play on Bitcoin.<\/p>\n The NPS joins a growing list of pension and sovereign wealth funds, gaining exposure to Bitcoin through MicroStrategy. Norway’s central bank and the Swiss National Bank also disclosed MicroStrategy holdings earlier.<\/p>\n MicroStrategy’s stock price has nearly doubled this year as more institutional players bet on the company’s Bitcoin strategy. Defiance ETFs even launched a leveraged ETF<\/a> that targets 175% of MicroStrategy’s daily moves.<\/p>\n Major pension funds’ global embrace of MicroStrategy shares validates Bitcoin’s emergence as the best treasury for public companies.\u00a0<\/p>\n\n