BlackRock Said to Plan to Buy Shares in Circle Internet IPO

BlackRock plans to acquire about 10 percent of the shares offered in Circle Internet Group’s initial public offering, according to people familiar with the matter, as the worlds of traditional finance and cryptocurrency continue to deepen their ties.

The stablecoin issuer and some of its shareholders including co-founder and Chief Executive Officer Jeremy Allaire are seeking to raise as much as $624 million (roughly Rs. 5,332 crore) in the offering, according to a US Securities and Exchange Commission filing Tuesday. Cathie Wood’s Ark Investment Management has indicated an interest in buying as much as $150 million (roughly Rs. 1,281 crore) of shares in the offering, the filing shows.

Circle’s IPO has received orders for multiple times the number of shares available, Bloomberg News has reported. The deal is set to price on June 4.

BlackRock manages a government money market fund on Circle’s behalf that holds 90 percent of the reserves backing its USDC stablecoin, according to the filing. The Circle Reserve Fund has a balance of $53.5 billion (roughly Rs. 4,57,174 crore) as of May 22, according to the company’s website.

Details of the offering may change, and BlackRock could acquire the stake through a vehicle or other affiliated entity or opt against a deal, the people said, asking not to be identified as the information isn’t public. Representatives for BlackRock and Circle declined to comment.

Crypto companies are increasingly tying their fortunes to the public markets in the US, as President Donald Trump and his allies in government embrace the industry, conferring a degree of legitimacy. Proposed regulations working their way through the US House and Senate would require stablecoins to be backed by cash and safe assets.

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