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.
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.
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