BlackRock is expected to acquire approximately 10% of the shares offered in Circle’s initial public offering (IPO), Bloomberg News reported on May 28.
Those familiar with the issue said the circle and its shareholders (including co-founder and CEO Jeremy Allerle) were looking to raise $624 million through the offering.
Offering orders reportedly exceed the number of shares available and are scheduled to be priced June 4th.
BlackRock already manages the Circle Reserve Fund. This is the Circle Reserve Fund, Government Money Market Fund, and holds approximately 90% of the backing circle’s USDC Stablecoin.
The fund reported net worth of nearly $3 billion as of April 30, 2024. Circle IPO filing.
Investment management companies may acquire shares directly or through affiliated entities, although their final participation may change.
As a result, IPOs deepen the existing relationship between BlackRock and the Circle. This is because it constitutes one of the largest one-invest stocks in a crypto company.
Institutional participation broadens interest in circles
The submission also revealed a coordinated interest from key institutional investors, indicating an increased demand for fairness for Stablecoin issuers as they prepare to enter the open market.
Circle’s USDC ranks as Stablecoin, which is second-largest US dollar in market capitalization of $61.3 billion, and plays a central role in cryptographic transfers. As of April 30, Stablecoin has registered a $10 trillion transfer volume since the start of the year. data From Artemis.
Congressional disputed laws propose Supports stubcoins with cash or government securitiesstructure already in place for USDC via Circle Reserve Fund.
The circle’s decision to advance a US-based IPO reflects the broader efforts by crypto companies to secure public market capitalization at a time when federal regulatory policies are moving towards acceptance. Kraken is also reported Focusing on the 2026 IPO.
IPO Filing officially has a long-standing listing plan for circles that previously included transactions with special purpose acquisition companies that ended in 2022.
With support from reserves managed by players in the facility and the world’s largest asset managers, the circle is positioning itself to expand its operations under a more transparent and regulated capital structure.
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