BlackRock Targets 10% of Circle’s IPO, Joining ARK as Prospective Investor

Circle, the fintech firm behind USD Coin (USDC), one of the most widely used dollar-backed stablecoins, plans to raise as much as $624 million through its IPO. According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC), Circle intends to offer 24 million shares priced between $24 and $26 each. Of these, 9.6 million shares will be newly issued by Circle, while 14.4 million will come from early investors and shareholders, including venture capital firms like Accel and General Catalyst.

Circle plans to list its shares on the New York Stock Exchange under the ticker symbol “CRCL.” The offering will be led by major underwriters including Goldman Sachs, JPMorgan Chase, and Citigroup, reflecting strong backing from Wall Street’s most influential institutions.

This IPO marks Circle’s second attempt to go public, following the collapse of a proposed $9 billion SPAC merger with Concord Acquisition Corp in 2022 due to regulatory hurdles and market conditions.

BlackRock’s planned 10% acquisition of Circle’s IPO shares builds upon a preexisting relationship. The asset management titan already oversees the Circle Reserve Fund, a registered U.S. government money market fund that holds a significant portion of USDC’s cash-equivalent reserves. As of recent disclosures, around 90% of USDC reserves are held in short-term Treasuries managed through this fund.

With assets under management nearing $11 trillion, BlackRock’s involvement is a major vote of confidence in stablecoin infrastructure as a critical pillar of next-generation financial systems. CEO Larry Fink has increasingly spoken favorably about the tokenization of real-world assets, and BlackRock’s recent launch of tokenized Treasury products on Ethereum further reflects its strategic pivot toward blockchain-integrated investment models.

Joining BlackRock in this landmark offering is ARK Investment Management, the influential tech-focused asset manager led by Cathie Wood. ARK has committed to purchasing up to $150 million worth of Circle shares through the IPO, in alignment with its broader vision of investing in disruptive innovation across digital finance, AI, and blockchain sectors.

ARK Invest is already known for its early and aggressive support of Bitcoin ETFs, Coinbase, and other crypto-focused entities. Its participation signals growing institutional momentum behind Circle, particularly among firms that see stablecoins not merely as crypto tools but as integral to a programmable financial future.

Circle’s flagship product, USDC, is the second-largest stablecoin by market capitalization after Tether (USDT), with over $60 billion in circulation globally. It is used across a wide range of applications including decentralized finance (DeFi), cross-border settlements, remittances, and crypto trading.

Unlike algorithmic stablecoins, USDC is fully backed by fiat assets, primarily short-term U.S. government debt, offering transparency and price stability. Its utility and regulatory compliance have made it a preferred choice for enterprises, developers, and governments exploring blockchain-based payment systems.

Circle has also expanded USDC onto multiple blockchain networks, including Ethereum, Solana, Avalanche and more, enhancing its accessibility across the crypto ecosystem. The company’s role as a compliant, transparent issuer has helped it forge partnerships with financial institutions, fintechs, and central banks testing digital currency frameworks.

The IPO comes amid a broader regulatory thaw in Washington toward digital asset firms. U.S. lawmakers have increasingly called for clear, risk-based frameworks for stablecoins, with several bipartisan bills under review.

Circle is proceeding with the IPO in part due to greater regulatory certainty under the current environment, which appears more open to legally compliant and well-reserved stablecoins as financial tools.

If successful, Circle’s IPO could become a bellwether for the crypto industry’s maturing relationship with regulators and investors.

With BlackRock and ARK Invest both stepping in as major buyers, Circle’s public listing is shaping up to be a pivotal moment in the integration of crypto-native firms into traditional capital markets. It not only validates the growing role of stablecoins in financial infrastructure but also sets the stage for broader acceptance of tokenized assets.

While crypto markets have experienced turbulence over the past two years, the upcoming Circle IPO may serve as a litmus test for how much trust institutional investors are willing to place in digital asset companies navigating the regulatory mainstream.

As the IPO draws closer, market analysts will be closely watching investor demand, Circle’s valuation metrics, and potential spillover effects on other crypto firms considering public offerings.