One of South Korea’s pension funds bought 24,500 shares of the company run by Michael Saylor before the stock split happened.
The National Pension Service (NPS), a South Korean pension fund, acquired shares of MicroStrategy (MSTR) in the second quarter of this year for roughly $34 million, according to a filing that was made public earlier this week.
Before MicroStrategy announced a 10-for-1 stock split at the beginning of this month, the fund disclosed that it acquired 24,500 shares at an average price of $1,377.48. This results in a total of 245,000 shares, which are valued at $32.32 million, as of MicroStrategy’s most recent close of $131.93.
NPS’s acquisition represents an indirect investment in bitcoin (BTC), as MicroStrategy is the largest corporate holder of the token.
A Wall Street brokerage called Benchmark increased its price objective on the Michael Saylor-led business from $1,875 to $2,150 earlier this month. Despite MicroStrategy’s failure to meet its revenue target for the second quarter, Benchmark increased its price target.
NPS also possesses 229,807 shares of Coinbase (COIN), which are valued at over $45 million, as of Coinbase’s most recent close of $197.12. In 2023, the fund initiated the acquisition of 282,673 shares in the crypto exchange at an average price of $70.5.
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