According to a Bloomberg report, BlackRock Inc. has reportedly set its sights on acquiring approximately 10% of the shares in Circle Internet Group Inc.’s forthcoming initial public offering.
According to a filing with the U.S. Securities and Exchange Commission, the IPO initiated by the USDC stablecoin issuer is projected to generate up to $624 million in capital.
Jeremy Allaire, the co-founder and CEO of Circle, appears among the shareholders divesting their stakes, with the offering scheduled for pricing on June 4.
According to the filing, Ark Investment Management, led by Cathie Wood, has also indicated its intention to acquire shares worth up to $150 million.
Bloomberg reported that demand for Circle’s IPO has surpassed the number of available shares, resulting in oversubscription.
Traditional Finance Deepens Ties with Crypto Sector
The offering represents a further development in the growing ties between the crypto industry and traditional finance, as Circle advances toward a public listing amid increasing political backing from figures such as President Donald Trump and evolving legislative frameworks within Congress.
BlackRock significantly influences Circle’s operations by managing the Circle Reserve Fund—a government money market fund holding about $30 billion in assets. This fund supports around 90% of Circle’s USDC stablecoin reserves.
Although BlackRock has not officially confirmed the investment and its plans could still change, the prospective stake highlights how conventional asset managers are increasingly entering the cryptocurrency space. Both Circle and BlackRock declined to comment.
