BlackRock Considers 10% Investment in Circle’s Upcoming IPO
BlackRock Inc. is considering acquiring about 10% of shares in Circle's upcoming IPO, which aims to offer 24 million Class A shares. The share split includes 9.6 million from Circle and 14.4 million from existing stakeholders.
- ARK Investment Management plans to buy up to $150 million worth of shares.
- Shares are expected to be priced between $24 and $26 and will trade under the ticker CRCL.
- BlackRock's investment is uncertain; it may invest directly or through an affiliate.
- BlackRock manages the Circle Reserve Fund, holding 90% of reserves for Circle's USDC stablecoin.
- The IPO could strengthen the role of stablecoins like USDC in traditional finance.
- This marks a significant event as Circle seeks to go public after previous attempts were halted.