Key Takeaways
- • South Korea's National Pension Service (NPS) bought 24,500 MicroStrategy (MSTR) shares in Q2 2024 at an average price of $1,377.48, a position worth nearly $34 million at the time of purchase, according to a filing made public the week of August 16, 2024.
- • Restated for MicroStrategy's 10-for-1 stock split announced in early August, the holding totals 245,000 shares valued at $32.32 million based on the last close of $131.93.
- • Because MicroStrategy is the largest corporate holder of bitcoin, the NPS position represents indirect bitcoin exposure for a sovereign-scale pension fund.
- • Benchmark raised its MicroStrategy price target to $2,150 from $1,875 earlier in August, despite the company missing its Q2 revenue target.
Summary
South Korea's National Pension Service (NPS), the country's state pension fund, bought MicroStrategy (MSTR) shares worth nearly $34 million in the second quarter of 2024, according to a filing made public earlier this week. The fund disclosed it purchased 24,500 shares at an average price of $1,377.48 per share, before MicroStrategy announced a 10-for-1 stock split in early August.
Adjusted for the split, the NPS holding now totals 245,000 shares. Based on MicroStrategy's last close of $131.93, the position is valued at $32.32 million, below the purchase value at the pre-split price, reflecting the share price decline since the second quarter.
The purchase is significant for bitcoin markets. MicroStrategy, led by Chairman Michael Saylor, is the largest corporate holder of bitcoin, so the NPS stake offers indirect exposure to the cryptocurrency through an equity vehicle rather than direct token holdings.
Sell-side sentiment remained constructive. Earlier in August, Wall Street broker Benchmark raised its price target on MicroStrategy to $2,150 from $1,875, even though the company missed its revenue target for the second quarter.
Adjusted for the split, the NPS holding now totals 245,000 shares. Based on MicroStrategy's last close of $131.93, the position is valued at $32.32 million, below the purchase value at the pre-split price, reflecting the share price decline since the second quarter.
The purchase is significant for bitcoin markets. MicroStrategy, led by Chairman Michael Saylor, is the largest corporate holder of bitcoin, so the NPS stake offers indirect exposure to the cryptocurrency through an equity vehicle rather than direct token holdings.
Sell-side sentiment remained constructive. Earlier in August, Wall Street broker Benchmark raised its price target on MicroStrategy to $2,150 from $1,875, even though the company missed its revenue target for the second quarter.
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