BlackRock Reportedly Targeting Major Stake in Upcoming Crypto IPO

Circle, the issuer behind the USDC stablecoin, is preparing to go public, and sources say BlackRock is gearing up to take a significant piece of the action—possibly acquiring 10% of the offering.

The move would deepen BlackRock’s ties to Circle, as it already oversees the Circle Reserve Fund, which backs most of USDC’s reserves and holds close to $30 billion in assets.

The IPO, expected to price between $24 and $26 per share, is already attracting strong interest. Circle plans to release 24 million shares, with the option to increase that to 27.6 million. If fully subscribed, the sale could raise up to $624 million. Roughly 40% of the shares will be newly issued, with the rest coming from existing shareholders.

Other institutional investors are reportedly lining up as well. Ark Invest, led by Cathie Wood, may allocate up to $150 million to the offering. While Circle and BlackRock have remained silent publicly, Bloomberg reports the asset manager may purchase the shares via a partner or affiliate.

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Circle’s IPO comes at a time when market sentiment around public offerings is cautiously optimistic. Despite some recent volatility, companies like eToro and CoreWeave have seen strong post-listing performances. Analysts suggest Circle’s current valuation—trimmed by around 25% compared to earlier expectations—reflects more grounded investor sentiment after the SPAC craze cooled off.

Circle’s USDC has grown to become a staple in the stablecoin sector, and the firm reported $1.68 billion in revenue in 2024, up from $1.45 billion the previous year. However, net income fell to $155.7 million. Its shares will trade on the NYSE under the symbol “CRCL,” with underwriting led by J.P. Morgan, Citigroup, and Goldman Sachs.

As the stablecoin market is projected to balloon in the coming years, Circle’s IPO could mark a pivotal moment for crypto finance entering mainstream capital markets.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.