Swedish Pension Funds Invest In Cryptocurrency: Report

Four public pension funds in Sweden have invested over 200 million Swedish Kronor (Swedish currency) in Coinbase, which has lost 87% of its share value.

Crypto trading company Coinbase was listed on the Nasdaq last year.

Source : Getty

New Delhi: A total of four Swedish public pension funds have put hundreds of millions of kronor (Swedish currency) in Coinbase, a cryptocurrency trading company that has suffered a loss of eighty seven percent of its share value. These four public pension funds manage the pension money on behalf of the Swedish public. More than 200 million Swedish kronor ($19 million) have been invested in Coinbase, as per news agency IANS.

Full details about the number of shares purchased and sold were not revealed. According to Swedish daily Dagens Nyheter (DN), a gloomy picture of their investment in the company has emerged after the semi-annual reports of the funds were reviewed.

The investment was made in the shares of Coinbase which witnessed a fall in its share prices as the Bitcoin value went down by about 70 percent in 2022.
Though Coinbase was listed on the Nasdaq last year.

Economist Claes Hemberg said that the economy around cryptocurrencies was very uncertain and unpredictable.

He further said, "There is no stability, no activity, that creates any value. It is pure speculation and guesswork. So far, it hasn't gone so well."

(With inputs from IANS)

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