South Korea’s National Pension Fund purchased approximately $20 million worth of Coinbase (COIN) shares during the third quarter, according to recently released SEC filings. The acquisition reflects South Korea’s growing interest in digital assets after the country’s National Assembly passed the Virtual Asset User Protection Act in July, which created a relevant legislative framework.

The pension fund acquired 282,673 shares of Coinbase stock valued at $19,934,100, or approximately $70.52 per share. Coinbase shares rose 4% for the quarter ended 30 September. As of the last trading day, the stock closed at $98.15, bringing its current value to about $27.7 million and a 40% return on investment.

Historically, pension funds around the world have been cautious about investing in digital assets due to their increased risk and legal restrictions. However, in 2019, several funds, including two funds in Fairfax County, Virginia, have entered the cryptocurrency investment space. Specifically, they committed $35 million to VanEck’s New Finance Income Fund, which was among the lenders affected by the bankruptcy of cryptocurrency lender Genesis earlier this year.