BlackRock’s Nod Sends Circle’s IPO Shares Soaring—Wall Street Suddenly Loves Stablecoins Again

Just when you thought Big Finance had written off crypto for good, BlackRock’s eyebrow-raising interest in Circle’s IPO sends share prices into the stratosphere. Guess stablecoins aren’t ’useless’ after all—at least when there’s a profit to be made.

The move reeks of classic institutional FOMO—the same players who dismissed blockchain as a fad now scrambling for a piece of the action. Circle’s USDC, once just plumbing for DeFi, suddenly looks like a golden faucet.

Funny how a 9-figure check from asset managers can turn ’regulatory risks’ into ’disruptive opportunities.’ Meet the new crypto narrative—same as the old crypto narrative, but with better suits.

Revised Circle IPO Share Price Details

The firm also moved up its price range from $24–$26 per share to $27–$28 per share, according to the amended Form S-1 filed with the U.S. Securities and Exchange Commission (SEC). The MOVE reflects mounting demand ahead of the company’s anticipated IPO pricing on June 4.

BlackRock is said to be looking at investing in the offering, according to sources. The asset manager could purchase close to 10% of the offered shares. Circle’s progress is highlighted by BlackRock’s participation, although how they are investing has not been shared.

Circle’s relationship with BlackRock is strong because the investment firm oversees the Circle Reserve Fund which contains most of the U.S. dollar reserves that are needed to back the USDC stablecoin. As of data on April 30, 2024, the fund’s assets totaled nearly $30 billion.