Yeliz Akmaca 
BlackRock plans to acquire a 10% stake in Circle, the company behind the USDC stablecoin, during its upcoming IPO. Circle will offer a total of 24 million Class A shares, of which 9.6 million will be sold directly by the company, while the rest will be offered by existing stakeholders. The shares are expected to be priced between $24 and $26. Circle aims to raise approximately $624 million through this offering.
BlackRock already has a working partnership with Circle, managing the Circle Reserve Fund, which constitutes a major portion of USDC reserves. As of April 30, 2024, the fund’s net assets were around $30 billion. This investment is expected to further strengthen the partnership between the two firms.
BlackRock’s Role in Managing the Circle Reserve Fund
In addition to BlackRock, ARK Invest also plans to participate in Circle’s IPO. Led by Cathie Wood, ARK Invest is expected to invest up to $150 million. This move highlights the increasing interest of major institutional investors in crypto assets.
Circle had initially planned to go public via SPAC in 2021, but the plan was later scrapped. The company’s USDC stablecoin is currently the second-largest by market capitalization. Interest from major investors such as BlackRock and ARK Invest signals growing institutional adoption in the crypto sector. Circle’s IPO marks a significant milestone in the industry and may pave the way for deeper integration between digital assets and traditional finance.
As of May 28, 2025, Circle’s USDC stablecoin has a market cap of $60.9 billion, representing 24.6% of the stablecoin market, making it second only to Tether (USDT). Tether’s CEO, Paolo Ardoino, stated on April 4, 2025, “Tether does not need to go public,” reflecting the company’s financial strength and lack of necessity for an IPO.
Ardoino added that going public could limit the company’s agility and innovation. He noted that Tether has earned $12 billion in profits over the past two years and therefore does not require additional capital.
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