Stablecoin giant Circle's Initial Public Offering (IPO) will be priced on June 4th, when $CRCL will be listed on the New York Stock Exchange. In addition to Cathie Wood's ARK fund intending to invest up to $150 million in stocks, Bloomberg has also disclosed that Wall Street asset management giant Blackrock is interested in acquiring 10% of Circle's IPO shares, signaling the beginning of traditional finance's competition in the stablecoin market. Circle plans to issue 24 million shares at a price of $24 to $26 per share, expecting to raise $624 million.
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ToggleCircle's First Issuance Expected to Raise $624 Million
According to documents from the U.S. Securities and Exchange Commission, stablecoin issuer Circle plans to issue 24 million shares at a price of $24 to $26 per share. The IPO is expected to raise $624 million. Bloomberg News reported that Circle's IPO has received orders multiple times the available shares. The transaction is expected to be priced on June 4th. Cathie Wood's ARK Investment Management intends to purchase up to $150 million worth of shares in the IPO.
Will Asset Management Giant Blackrock Enter Circle?
However, investors eyeing the stablecoin market are not limited to Cathie Wood's ARK. Bloomberg, citing sources familiar with the matter, reported that asset management giant Blackrock plans to acquire about 10% of Circle's IPO shares. Sources revealed that issuance details may change, and Blackrock might acquire shares through a tool or related entity, or choose not to proceed with the transaction. Both Blackrock and Circle representatives declined to comment.
The report also noted that 90% of the reserves behind Circle's USDC stablecoin are managed by a Blackrock government money market fund, highlighting the strong connection between traditional finance and the stablecoin track.
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