SBI Holdings USA, Inc.

**SBI Holdings USA, Inc.** manages $128M in assets, exhibiting a highly concentrated portfolio strategy. The fund's current holdings are entirely allocated to a single position: CRCL, representing 100% of the $128.0M AUM. This structure indicates a deep, singular conviction in the underlying asset class represented by CRCL. Investors should note the absolute concentration risk inherent in this single-stock mandate.

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