KIC Takes First Circle Stake, Rebalances Crypto Stocks

Korea Investment Corp., South Korea’s sovereign wealth fund, manages about $232 billion and is closely watched for shifts in its U.S. equity portfolio. Its first disclosed investment in Circle Internet Group, issuer of the USDC stablecoin, marks a notable expansion into publicly traded crypto-finance infrastructure as institutional investors reassess how to gain exposure to digital assets.

In its latest Form 13F filing, KIC disclosed a Circle position for the first time and increased its stake in online brokerage Robinhood Markets. The fund simultaneously reduced holdings in cryptocurrency exchange Coinbase Global and bitcoin miner Riot Platforms. The changes indicate a rotation within KIC’s crypto-linked portfolio toward stablecoins and retail trading infrastructure, rather than a broad retreat from the sector.