Korea Investment Corp. Takes First Stake in Circle, Buys About $4.1 Million in Shares

Korea Investment Corp. made its first investment in Circle, the issuer of the dollar-backed stablecoin USDC, in the second quarter.

BlockBeats reported on Aug. 13, citing a filing with the US Securities and Exchange Commission, that the South Korean sovereign wealth fund held 65,443 Circle shares as of the end of the second quarter. The stake was valued at about $4.1 million.

Korea Investment Corp. had already invested in US crypto-related stocks including Block, Robinhood, Strategy and Coinbase. The Circle purchase expands its holdings to include a stablecoin issuer.

The combined value of the fund’s existing crypto-related stock holdings rose about 27% to $168 million in the second quarter from $132 million in the first quarter. Including the newly purchased Circle stake, the total stood at about $172 million.