BlackRock Eyes Dominant Position in Landmark Crypto IPO—Wall Street’s Latest Gold Rush?
Wall Street’s quiet giant is making a loud move into crypto. BlackRock—the $10 trillion asset manager that usually moves markets by sneezing—is reportedly angling for a major stake in an upcoming digital asset IPO.
Sources whisper this could be the firm’s biggest bet on public blockchain infrastructure yet. No surprise—after years of dismissing crypto as ’niche,’ traditional finance now scrambles to claim its slice before the SEC inevitably ’protects’ investors by gatekeeping the profits.
One question remains: When the world’s largest wealth manager fully embraces decentralized finance, does ’decentralized’ even mean anything anymore?
Circle’s IPO comes at a time when market sentiment around public offerings is cautiously optimistic. Despite some recent volatility, companies like eToro and CoreWeave have seen strong post-listing performances. Analysts suggest Circle’s current valuation—trimmed by around 25% compared to earlier expectations—reflects more grounded investor sentiment after the SPAC craze cooled off.
Circle’s USDC has grown to become a staple in the stablecoin sector, and the firm reported $1.68 billion in revenue in 2024, up from $1.45 billion the previous year. However, net income fell to $155.7 million. Its shares will trade on the NYSE under the symbol “CRCL,” with underwriting led by J.P. Morgan, Citigroup, and Goldman Sachs.
As the stablecoin market is projected to balloon in the coming years, Circle’s IPO could mark a pivotal moment for crypto finance entering mainstream capital markets.
