BlackRock Eyes Major Stake in Circle’s IPO Amid Surging Demand

BlackRock is reportedly preparing to purchase nearly 10% of the shares in Circle Internet Financial Ltd.’s upcoming IPO, expanding its existing role as manager of the Circle Reserve Fund, which backs USDC with roughly $30 billion in assets.

The investment may be made through a related entity, but final decisions haven’t been confirmed. Neither BlackRock nor Circle has issued a statement.

Circle, the issuer of the USDC stablecoin, will offer 24 million Class A shares—9.6 million new and 14.4 million from existing shareholders. Underwriters may also purchase an additional 3.6 million shares, bringing the total to 27.6 million. The expected price range is $24 to $26, potentially raising up to $624 million, with Circle receiving proceeds from its portion.

Interest in the offering is strong, with demand exceeding available shares. Circle reported $1.68 billion in revenue and capital gains in 2024, despite a year-over-year drop in net income.

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The company’s stablecoin, USDC, is backed by dollars and equivalent assets. Analysts, including J.P. Morgan, expect the stablecoin market to grow to $500–750 billion. Circle will trade under the ticker “CRCL,” with J.P. Morgan, Goldman Sachs, and Citigroup as lead underwriters.

According to US Tiger Securities, Circle’s public debut at a 25% lower valuation signals a more grounded market outlook, though IPO momentum appears to be recovering. Companies like eToro and CoreWeave have seen strong post-IPO performance despite varied initial pricing.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.