BlackRock Plans to Purchase Approximately 10% Stake in Circle IPO

According to Bloomberg, BlackRock plans to subscribe for approximately 10% of the shares in Circle Internet Group's initial public offering (IPO). Circle and its shareholders, including CEO Jeremy Allaire, intend to raise up to $624 million through the IPO, and Ark Invest has expressed interest in subscribing for $150 million worth of shares.

Circle's $USDC stablecoin currently has 90% of its reserves held in a government money market fund managed by BlackRock, which had a size of $53.5 billion as of May 22. The IPO pricing will be determined on June 4, and current subscription demand is several times the issuance volume.