BlackRock and Ark Invest Prepare for $624M USDC IPO with 10% Stake Acquisition

BlackRock plans to acquire up to 10% of the shares to be issued in the IPO of the issuer of USDC. The BlackRock fund intends to purchase approximately 10% of the shares being offered by Circle, as reported by Bloomberg. Additionally, Ark Investment, managed by Kathy Wood, has expressed interest in participating, with a readiness to invest up to $150 million. Recently, the issuer of the stablecoin USDC filed an application for an IPO on the New York Stock Exchange under the ticker #CRCL. The IPO is scheduled for June 4. According to the application, Circle and its shareholders, including CEO Jeremy Allaire, aim to raise up to $624 million. The offering has attracted high demand, with applications exceeding the offering volume several times. Circle issues the USDC stablecoin, which is the second largest by capitalization after USDT. Its reserves are mainly held in the Circle Reserve Fund managed by BlackRock. The market capitalization of USDC is $61.6 billion, compared to $152 billion for its competitor.