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South Korea's National Pension Service (NPS) has revealed investments in cryptocurrency-related companies with a multi-million dollar purchase of MicroStrategy stock.

According to a recent filing . South Korea’s national pension fund acquired shares in MicroStrategy (MSTR), a company known for its substantial Bitcoin holdings. The NPS purchased 24,500 shares of MicroStrategy in the second quarter of 2023, at an average price of $1,377.48 per share.

This investment, totaling nearly $34 million, preceded MicroStrategy's 10-for-1 stock split in early August. Post-split, the NPS now holds 245,000 shares, valued at approximately $32.32 million based on MicroStrategy's recent closing price of $131.93.

The NPS's investments extend beyond MicroStrategy. The pension fund also holds 229,807 shares of Coinbase (COIN), valued at over $45 million based on the exchange's recent closing price of $197.12. The NPS began investing in Coinbase in 2023, acquiring 282,673 shares at an average price of $70.5.

MicroStrategy chair Michael Saylor has repeatedly billed the company’s stock as a way for investors to gain indirect exposure to Bitcoin without having to hold the digital asset directly.

This week, a new ETF offering investors access to leveraged positions in MicroStrategy stock launched in the U.S.

The NPS fund's crypto-related investments align with a wider trend of institutional investors seeking exposure to the cryptocurrency market through publicly traded companies.

Last month, Jersey Mayor Steven Fulop announced that the second-largest city in New Jersey is seeking to allocate a portion of its pension funds to spot Bitcoin exchange-traded funds (ETFs). “The question on whether crypto/Bitcoin is here to stay is largely over,” Fulop wrote in a Twitter post, adding that, “Crypto/Bitcoin won.”