Korea Investment Corp. Buys into Circle with $4.1 Million Stake

Korea Investment Corp., a South Korean sovereign wealth fund, has made its first investment in Circle, the issuer of the US dollar-backed stablecoin USDC. According to a filing with the US Securities and Exchange Commission, as of the end of the second quarter, KIC held approximately 65,443 Circle shares valued at about $4.1 million.

This is not KIC's first foray into crypto-related stocks; it has already invested in Block, Robinhood, Strategy, and Coinbase. The combined value of its existing holdings rose by around 27% to $168 million in the second quarter from $132 million in the first quarter, bringing the total to about $172 million with the addition of Circle.

KIC's investment in Circle is a significant move as it expands its portfolio to include a stablecoin issuer. This development may have implications for the broader cryptocurrency market and could signal growing interest from institutional investors in digital assets.