Circle prepares for IPO with interest from BlackRock and ARK
Circle, the firm behind the second-largest stablecoin, USDC, is preparing for its initial public offering (IPO). It’s expected to offer a total of 24 million shares, with 14.4 million coming from existing shareholders, and it’s hoping to offer the shares between $24 and $26. This would value the firm at up to $5.65 billion , according to Bloomberg. The S-1 filing from Circle notes that ARK Investment Management has “indicated an interest in purchasing up to $150.0 million of shares.” Additionally, Bloomberg has reported that BlackRock plans to purchase approximately one-tenth of the shares available in the IPO. BlackRock is also the custodian for nearly all of Circle’s reserves. Circle vs. Tether: What’s in the reserves? Read more: The beef between Circle and Tether Circle has a much larger amount of cash in its reserves than its larger competitor, Tether, and has a larger portion of its reserves in overnight repos. ...