In a noteworthy development that underscores the growing acceptance of Bitcoin among traditional financial institutions, South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund, has invested nearly $34 million in MicroStrategy shares.

This move, which was disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC), represents a significant step toward increasing the fund’s exposure to bitcoin, albeit indirectly.

The NPS’s investment in MicroStrategy—a business intelligence firm renowned for its massive bitcoin holdings—has attracted considerable attention. The pension fund purchased 24,500 shares in the…

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