Catenaa, Thursday, May 29, 2025- Asset management giant BlackRock is preparing to purchase approximately 10 percent of the shares offered in Circle’s upcoming initial public offering, according to Bloomberg, deepening its involvement in the stablecoin issuer ahead of a volatile market debut.
Circle, which issues the USDC stablecoin, updated its IPO prospectus Tuesday, indicating plans to raise as much as $624 million through the sale of shares priced up to $24.
The listing on the New York Stock Exchange under ticker symbol CRCL is expected to value the company at $5.43 billion.
Most shares offered will come from existing insiders and backers, with CEO Jeremy Allaire planning to sell about 8 percent of his holdings.
Other key figures, including former co-CEO Sean Neville and CFO Jeremy Fox-Geenis, are offloading 11 percent each. Notably, venture capital firms like Accel and General Catalyst will also trim their stakes by 10 percent.
BlackRock previously participated in Circle’s $401 million Series F round in 2022 and currently manages the Circle Reserve Fund backing USDC.
The firm also collaborated with Circle to build a smart contract offramp for its BUIDL tokenized treasury fund.
Circle’s USDC remains the second-largest stablecoin globally, with a $62.1 billion market cap, trailing behind Tether’s $238.3 billion USDT.
Despite its strong crypto presence, Circle enters the IPO market under pressure from broader economic uncertainties, including tariff policies under President Donald Trump.
The move underscores BlackRock’s expanding presence in digital assets and signals confidence in the long-term viability of tokenized financial infrastructure amid an evolving regulatory landscape.
