American multinational investment company BlackRock Inc. has set its sights on stablecoin issuer Circle Internet Financial. As reported by Bloomberg, the firm is looking to purchase as much as 10% of the total shares that the USDC issuer plans to float for its Initial Public Offering (IPO). This is one of the biggest shows of interest reported for the stablecoin giant in its frantic push to become a publicly traded firm.
BlackRock and the Interest in Circle
According to the Bloomberg report, taking a 10% stake in the stablecoin and payments firm will benefit both entities. As reported earlier by CoinGape, Circle filed for an IPO this month at a market valuation of almost $6 billion.
Per a filing with the US Securities and Exchange Commission (SEC), the USDC issuer aims to raise as much as $624 million. It is reaching an agreement with CEO Jeremy Allaire and some shareholders.
The terms of the shares the company released in the IPO also include an option for existing shareholders to sell some of their stake. Per the Circle IPO terms, it offers 9.6 million new shares and 14.4 million from existing shareholders.
The Bloomberg report also identified other investment giants interested in the Circle IPO. Cathie Wood’s Ark Invest, known for its strong affinity for crypto-related purchases, is also considering a $150 million purchase.
Despite how widely the BlackRock interest has circulated, the company or any of Circle’s representatives have not officially commented.
This is a developing story, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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