BlackRock is reportedly planning to take a significant stake in Circle’s upcoming initial public offering (IPO).

According to a May 28 Bloomberg report citing anonymous sources, BlackRock is looking to purchase roughly 10% of the offering. Circle, the issuer of the USDC stablecoin, is aiming to raise $624 million in its initial public offering

Cathie Wood’s Ark Investment Management is also interested in buying $150 million worth of shares in the offering. 

Circle launched its offering of 24 million shares of Class A common stock on May 27. The offering consists of shares from the company as well as shares of existing stakeholders, including co-founder and CEO Jeremy Allaire.

This is a developing story, and further information will be added as it becomes available.