According to TechFlow, on October 16, according to (Pioneer Economy), Korea Investment Corporation (KIC), one of the largest institutional investors in South Korea, recently clarified to Congress that its investment in US crypto-related stocks such as Coinbase and MicroStrategy is not intended to directly engage in virtual assets, but is part of its benchmark index tracking strategy.

In a filing with the National Assembly's Finance Committee, KIC said the investments were the result of following the unhedged version of its benchmark index, MSCI ACWI ex Korea (excluding South Korea). Coinbase was included in the index in December 2021, while MicroStrategy was added in June 2024. KIC stressed that the size of its investments in these companies is roughly consistent with their weights in the index.

KIC's clarification comes amid congressional questions about whether public funds invest in cryptocurrencies through indirect means. According to the 13F filing of the U.S. Securities and Exchange Commission (SEC), KIC and the National Pension Fund of Korea purchased 21,000 and 245,000 shares of MicroStrategy, respectively, in the second quarter of 2024. In addition, KIC has invested in Coinbase since the fourth quarter of 2021, holding a total of 50,400 shares.