BlackRock Eyes 10% Stake as Circle Prepares for U.S. Listing: Report

Circle’s public offering has ignited renewed interest in the intersection of crypto and traditional finance, with two heavyweight investors — BlackRock and ARK Invest, circling the deal.

The stablecoin issuer filed for an initial public offering on Tuesday, and early signs point to a strong push from legacy financial players looking to deepen their footprint in digital assets.

The IPO includes 24 million Class A shares, with 9.6 million issued by Circle and the rest coming from existing stakeholders. While the company has yet to finalize pricing, the expected range is between $24 and $26 per share, trading under the ticker symbol CRCL.

Strategic Interest from BlackRock

According to Bloomberg, BlackRock is considering acquiring around 10% of the shares on offer, though its final decision remains uncertain. The asset manager may buy the shares directly or through an affiliated investment vehicle, or could walk away entirely. BlackRock declined to comment on the matter.

Meanwhile, ARK Invest, led by Cathie Wood, has formally expressed interest in purchasing up to $150 million worth of shares. This signals confidence from one of the most vocal institutional supporters of digital asset firms.

BlackRock’s involvement would be notable not just for its size, but for its deeper ties with Circle. The asset management firm already oversees the Circle Reserve Fund, a government money market fund that holds the majority of reserves backing Circle’s USDC stablecoin.

USDC is one of the leading dollar-pegged tokens used in both centralized crypto exchanges and decentralized finance. If BlackRock follows through, the move would mark another strategic step into the crypto sector, an area where it has already made inroads through partnerships and product launches related to digital assets.

Crypto IPO in the U.S.

The offering stands out in a market where crypto-native firms have been largely absent from U.S. public markets.

Circle had previously tried to go public via a SPAC merger in 2022, but that plan was ultimately shelved. This fresh IPO attempt could signal shifting conditions for digital asset companies looking to access capital through traditional channels.

With potential backing from names like BlackRock and ARK, Circle’s IPO could become a litmus test for Wall Street’s appetite for regulated crypto businesses.