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The 282,673 Coinbase shares that the National Pension Service (NPS) acquired for approximately $19.9 million in the third quarter have already gained a remarkable 39% in value since its purchase. Now valued at $27.7 million based on Coinbase's recorded close of $98.15 on November 15th, NPS recorded a profit of around $7 million.
The investment by the NPS one of the world's largest pension funds and a public pension in South Korea, was stated in a stock holdings report filed on November 15 with the U.S. Securities and Exchange Commission (SEC).
NPS’s First-Time Investment in Coinbase
Cointelegraph noted that news about the NPS's investment in Coinbase made headlines in South Korea, as it marks the first time the pension fund has purchased Coinbase stock. Previously, the NPS had refrained from directly investing in cryptocurrencies like Bitcoin due to concerns about their inherent volatility.
The NPS's investment in Coinbase shares is a significant development, as it represents a shift in the pension fund's approach toward cryptocurrency-related investments, according to CoinDesk.
Growth and Performance of Coinbase
Coinbase stock has experienced substantial growth throughout 2023, with prices surging to as high as $110 per share in July. Year-to-date, Coinbase shares have seen a significant increase of close to 170%, starting the year around $37. However, it is important to note that the stock remains 74% down from its all-time highs that exceeded $300 in September 2021, according to TradingView data.
SEC Lawsuit and Coinbase's Resilience
Coinbase's impressive growth is even more remarkable considering the ongoing lawsuit it faces from the U.S. Securities and Exchange Commission (SEC). The lawsuit, filed in June 2023, accuses Coinbase of breaching U.S. securities laws through the offering of unregistered securities on its platform.
Despite these challenges, Coinbase has disputed the SEC's authority in the cryptocurrency space, claiming that the regulatory body's definition of security is too broad. With Coinbase displaying considerable growth and a resilient response to regulatory hurdles, the future prospects of this investment remain intriguing.
Photo: Coinbase Newsroom
