According to the latest developments, BlackRock, the world’s largest asset manager, is planning to buy 10% of Circle Internet’s IPO stake.
Several of existing shareholders, including Stablecoin USDC issuer Circle and co-founder and CEO Jeremy Allaire, are aiming to raise up to $624 million from the IPO, according to documents filed with the Securities and Exchange Commission (SEC). The same document also points out that ARK Investment Management, led by Cathie Wood, is interested in purchasing $150 million worth of shares through an IPO.
According to Bloomberg, Circle’s IPO is oversubscribed with a large margin, with priced on June 4th.
BlackRock currently manages a sovereign money market fund that owns 90% of USDC’s reserves, Circle’s US dollar-backed Stablecoin. According to a SEC filing, the Circle Reserve Fund has a net worth of approximately $30 billion as of April 30, 2024.
Details of the IPO have been changed and state that BlackRock may waive this purchase rather than directly through its affiliates or other investment vehicles or entirely.
*This is not investment advice.