Blackrock’s eyes (Blk) 10% stake in IPO of Circle, joined Ark as a potential consumer: Bloomberg
It is considered by Blackrock Inc. Taking nearly 10% of the shares offered in the upcoming initial public (IPO) offering of the Circle, Bloomberg reported on Wednesday, citing people familiar with this matter.
The IPO filing, which was made public on Tuesday, puts plans to offer 24 million shares of Class A -9.6 million from the Circle and 14.4 million from existing stakeholders.
According to the filingInvestment management in Cathie Wood’s Ark investment expressed interest in buying up to $ 150 million worth of IPO sharing. The shares are expected to be priced between $ 24 and $ 26, and will be trade under the ‘CRCL’ ticker.
The potential involvement of blackrock, though significant, is still in the air. Bloomberg reports that it remains unclear whether the Blackrock will invest directly or by an affiliate vehicle, and eventually walks away from the deal.
Blackrock did not respond immediately to CoinDesk’s request for comment.
The giant asset management maintains a close relationship with the circle. It manages the Circle Reserve Fund, a government currency market funding that holds 90% of the USDC Stablecoin of circle reserves. The USDC is one of the largest dollar-pegged cryptocurrencies, which is used widely throughout the crypto trading and defi protocol.
If Blackrock is followed, the move will mark another key point of entry for traditional finances in the digital asset space, which further put stablecoins such as the USDC in the wider financial system.
The IPO will make the Circle one of the few big crypto companies-natives to go public to the US after a long avoiding public market debuts from the sector. The Circle had earlier attempted to go public through a spac merger in 202, which subsequently -Sscrap.
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