BlackRock To Acquire 10% of Circle IPO Shares

American multinational investment company BlackRock Inc. has set its sights on stablecoin issuer Circle Internet Financial. As reported by Bloomberg, the firm is looking to purchase as much as 10% of the total shares that the USDC issuer plans to float for its Initial Public Offering (IPO). This is one of the biggest shows of interest reported for the stablecoin giant in its frantic push to become a publicly traded firm.

BlackRock and the Interest in Circle

According to the Bloomberg report, taking a 10% stake in the stablecoin and payments firm will benefit both entities. As reported earlier by CoinGape, Circle filed for an IPO this month at a market valuation of almost $6 billion.

Per a filing with the US Securities and Exchange Commission (SEC), the USDC issuer aims to raise as much as $624 million. It is reaching an agreement with CEO Jeremy Allaire and some shareholders.

The terms of the shares the company released in the IPO also include an option for existing shareholders to sell some of their stake. Per the Circle IPO terms, it offers 9.6 million new shares and 14.4 million from existing shareholders.

The Bloomberg report also identified other investment giants interested in the Circle IPO. Cathie Wood’s Ark Invest, known for its strong affinity for crypto-related purchases, is also considering a $150 million purchase.

Despite how widely the BlackRock interest has circulated, the company or any of Circle’s representatives have not officially commented on the deal.

Circle IPO Shines, Ripple Bid Fades

While Circle is accelerating its IPO ambitions, acquisition interest from Ripple Labs has lost momentum. 

According to an earlier report, Ripple offered to purchase Circle in a deal between $4 billion and $5 billion. However, Circle reportedly declined the bid. The firm mentioned that the valuation was too low in light of its current market outlook and IPO valuation.

Ripple, which recently completed a $1.25 billion acquisition of prime brokerage firm Hidden Road, is yet to confirm whether it will return with a revised proposal. Circle remains firm in its commitment to go public, with a spokesperson stating that the firm is not for sale.

The Crypto IPO Trend

Circle is not the only firm intentionally pushing for its public market aspirations. Other crypto giants are also making strategic moves toward IPOs.

As reported earlier, Kraken, one of the world’s leading exchanges, recently expanded its European footprint. The exchange launched a regulated crypto derivatives platform. The company also sparked speculation of a token launch or IPO with a cryptic teaser referencing “KRAK” and its acquisition of NinjaTrader. To observers, this seems like a public company ticker symbol.

Meanwhile, a Gemini IPO is also in consideration by the trading platform. Co-founder Cameron Winklevoss confirmed ongoing internal discussions and talks with financial advisors, though no formal decisions have been announced. These developments signal that major crypto firms are increasingly eyeing public markets as a path to scale and legitimacy.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.