The world's largest asset management company BlackRock is reportedly planning to acquire approximately 10% of the shares in the initial public offering (IPO) of Circle Internet Group, the issuer of stablecoin USDC.
On the 29th (local time), Crypto News reported this news, citing Bloomberg, and confirmed the details of the IPO through documents submitted by Circle to the U.S. Securities and Exchange Commission (SEC).
Circle is expected to raise up to $624 million through this IPO. Co-founder and CEO Jeremy Allaire also plans to sell some shares as a major shareholder. The public offering price will be finalized on June 4th.
Additionally, Ark Investment Management led by Cathie Wood, known as the 'ETF Queen', is considering acquiring shares worth up to $15 million. Currently, Circle's IPO is oversubscribed, generating significant market interest.
BlackRock, the Axis of USDC... Already Managing 90% of Reserves
BlackRock has already established itself as a key partner of Circle. The 'Circle Reserve Fund' managed by BlackRock is approximately $30 billion in size and handles 90% of USDC reserves. The fund is structured as a money market fund centered on U.S. Treasury bonds, pursuing both stability and liquidity.
BlackRock's move to acquire IPO shares is evaluated as more than just an investment. It demonstrates how traditional financial institutions are strategically deeply involved in the cryptocurrency ecosystem. This is a case that shows the gradual convergence of the cryptocurrency market with existing finance.
BlackRock and Circle have not issued an official statement regarding this report, and the acquisition plan remains subject to change.
Entering the 'Public Market' with Political Support
Meanwhile, Circle's IPO is taking place with supportive statements from former President Donald Trump and political backing. This reflects the current state of the cryptocurrency market, where regulatory clarity and institutional entry are increasingly emphasized.
This public offering is expected to be a touchstone for gauging the impact of USDC as a 'digital dollar' on global financial markets.
