Circle Upsizes IPO Share Price and Offering Amid BlackRock Interest

Circle, the issuer of the USDC stablecoin, has revised its initial public offering plans, increasing both the number of shares and the price range. The fintech firm now aims to offer 32 million shares of its Class A common stock, up from 24 million, with a new price range of $27–$28 per share, up from $24–$26.

The adjustment follows heightened institutional demand, notably from BlackRock, which is reportedly considering purchasing nearly 10% of the offering. The asset manager’s involvement underscores confidence in Circle, with whom it already collaborates through the Circle Reserve Fund, which holds the bulk of USDC’s dollar reserves.

Circle’s IPO pricing is anticipated for June 4, with the amended filing reflecting robust investor interest. The Reserve Fund’s assets, as of April 30, 2024, totaled nearly $30 billion, further solidifying the stablecoin’s backing.