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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. ...

HTX advisor Justin Sun is currently engaged in a dispute with former Huobi owner Li Lin over whether or not Huobi/HTX had a $30 million hole in its books when it was sold to About Capital Management in 2022. The dispute is the latest chapter in the pair’s years-long feud. A machine translation of a recent X post by Sun includes a story in which he accuses the Huobi founder of concealing the hole, leading to Sun having to loan money to the exchange. A statement purportedly from Li has been posted to X in which he claims that Sun is misrepresenting the state of the exchange at the time of purchase and says that the hole that Sun is describing was a margin call that the exchange believed could still be recovered. The statement also mentioned that the exchange’s revenue had already covered the hole. 李林的立场一直是，我知道有3000万没还你，我需要核实，但是你一去找他核实他就影子都不见了 然后就是扯啥理性，法律啊，沟通啊，问题香港我们也起诉了 https://t.co/vC9Csg3rCv — H.E. Justin Sun (@justinsuntron) February 5, 2025 ...

HTX, formerly Huobi, is an exchange deeply connected to controversial crypto entrepreneur and trader Justin Sun, and its activities raise concerns about solvency and Sun’s effective control of user assets. Ownership While Sun denies controlling HTX, he’s previously admitted to being an ‘advisor’ and the business itself has previously described him as its leader.  Justin Sun and Huobi play shell game with ownership It appears that the acquisition of Huobi by About Capital Management in 2022 — a move that coincided with Sun’s appointment to the Huobi Global Advisory Board — marks the point at which his relationship with the exchange started to deepen. Even the rebranding of Huobi to HTX may have been connected to this change in ownership, with the former owners, New Huo Tech and HBIT, openly denying connections to Huobi online and threatening lawsuits against the exchange for continuing to use the name.  Additionally, Sun has reportedl...