Key Takeaways
- BlackRock and ARK Investment are targeting major stakes in Circle’s $624 million IPO, signaling strong institutional backing for the USDC issuer.
- Circle plans to list on the NYSE under the ticker “CRCL,” offering 24 million shares in a hybrid structure that includes both new and existing shares.
- BlackRock has steadily expanded its crypto footprint, launching a Bitcoin ETF, accumulating assets, and forming partnerships across custody and stablecoins.
- BlackRock’s prior ties with Circle include managing USDC reserves and investing in its 2022 funding round, reinforcing its long-term interest in digital dollar infrastructure.
BlackRock is reportedly preparing to purchase a significant stake in the upcoming Circle Internet IPO, signaling strong institutional interest in the stablecoin issuer’s public debut.
According to a Bloomberg report citing anonymous sources, the world’s largest asset manager plans to acquire approximately 10% of the offering. Meanwhile, Cathie Wood’s Ark Investment Management is said to be eyeing a $150 million share allocation, marking a show of confidence from two heavyweight investment firms.
The news follows Circle’s recently disclosed plans to raise $624 million through an initial public offering on the New York Stock Exchange, where it will trade under the ticker symbol “CRCL.” The offering includes 24 million shares priced between $24 and $26 each, 9.6 million newly issued by Circle and 14.4 million offered by existing shareholders.
BlackRock: The Financial Octopus
BlackRock, long known as the world’s largest asset manager, has steadily expanded its presence in the digital asset space, transitioning from early skepticism to becoming one of the most influential players in crypto finance.
Often compared to a financial octopus, the firm has been extending its arms across every layer of the ecosystem, from Bitcoin and ETFs to custody infrastructure and stablecoins. Its entry into the sector has been deliberate, timed around shifting institutional sentiment and a more mature regulatory environment.
The turning point occurred in mid-2023, when BlackRock filed for a spot Bitcoin ETF, signaling a major shift in strategy. This move culminated in January 2024, when the iShares Bitcoin Trust (IBIT) was approved by the SEC. The product quickly gained traction, becoming the fastest-growing ETF in history, with assets under management surpassing $30 billion in less than a year.
Following the ETF’s success in the U.S., BlackRock expanded its crypto offerings internationally. In early 2025, the firm launched a Bitcoin exchange-traded product (ETP) in Europe, meeting the growing demand across global markets.
Alongside product development, BlackRock also began increasing its direct exposure to crypto assets, including significant purchases of Bitcoin and the development of institutional custody partnerships, such as with Anchorage Digital, to secure its holdings.
Additionally, its focus also extended to the stablecoin market. In addition to its planned acquisition of approximately 10% of Circle’s IPO shares, BlackRock had previously partnered with Circle on several strategic fronts. Notably, BlackRock was named the primary asset manager for USDC’s cash reserves and also participated in Circle’s $400 million funding round in 2022.
BlackRock’s increasing activity in the crypto space has had wide-reaching effects. It has helped normalize institutional investment in digital assets, influenced the development of compliant financial products, and brought additional credibility to crypto markets at large.
With its scale and regulatory reach, BlackRock is now positioned as a central figure in shaping how traditional finance and digital assets converge.
Read more: Circle Launches CPN Protocol to Revolutionize USDC-Powered Cross-Border Payments
