Ohio Pension Fund Invests $12 Million in Coinbase Amid Market Volatility

The Public Employees Retirement System of Ohio (PERS) has invested $12.38 million in Coinbase Global, Inc., purchasing 84,694 shares of stock. This investment is detailed in the company's recent 13F filing with the SEC.

Norges Bank also made a new stake in Coinbase during the fourth quarter, valued at approximately $656,744,000. Other hedge funds have similarly increased their positions in Coinbase Global, including Capital World Investors and Janus Henderson Group PLC.

Coinbase's recent quarterly earnings report showed revenue down 18.5% year over year and a larger-than-expected per-share loss. Despite this, the company remains optimistic about its long-term outlook, with CEO Brian Armstrong predicting Bitcoin could reach as much as $400,000 by 2030.