Thomas Daniels
BlackRock Inc. is reportedly poised to acquire approximately 10% of the shares offered in Circle Internet Group Inc.’s forthcoming initial public offering (IPO). This move underscores the deepening integration between traditional financial institutions and the burgeoning cryptocurrency sector.
Circle, the issuer of the USDC stablecoin, initiated its IPO on May 27, aiming to raise up to $624 million by offering 24 million Class A common shares priced between $24 and $26 each. The offering comprises 9.6 million shares from the company and 14.4 million shares from existing stakeholders, including CEO Jeremy Allaire. The IPO has garnered substantial interest, with orders reportedly exceeding the number of shares available.
In addition to BlackRock, ARK Investment Management, led by Cathie Wood, has expressed intent to purchase up to $150 million worth of shares in the offering.
Circle’s USDC stablecoin currently holds a market capitalization of $60.9 billion, representing 24.6% of the stablecoin market, second only to Tether’s USDT. In 2024, Circle reported revenues of $1.68 billion, a 16% increase year-over-year, while net income declined by 41.8% to $155.7 million.
Notably, Tether has indicated no plans to pursue a public listing. CEO Paolo Ardoino stated on April 4 that “Tether doesn’t need to go public.”
