News Roundup — Crypto giant Circle just filed for an IPO

Major news stories this week;

1. Crypto giant Circle just filed for an IPO: Here are 5 key takeaways
2. French state bank Bpifrance plans €25 million crypto fund to invest directly in digital assets
3. Australia plans clear crypto laws to boost innovation and investor safety
4. Crypto exchange Kraken exploring $1B raise ahead of IPO
5. BlackRock Launches Bitcoin ETP in Europe, Expanding Crypto Offerings

Story Summaries;

1. Circle Internet Financial filed for an IPO, revealing $1.68 billion in 2024 revenue, with over 99% coming from stablecoin reserve interest. The company is highly reliant on USDC reserves and vulnerable to changes in interest rates—just a 1% rate drop could cut income by $441 million. Circle previously attempted to go public via SPAC in 2022, losing $44 million in the process. It has partnerships with Coinbase and Binance to boost USDC adoption—paying Binance $60.25 million and monthly fees. USDC faces stiff competition from Tether, PayPal, JPMorgan, and others despite doubling its market cap to $60 billion. Circle hopes to benefit from pro-crypto U.S. policies and pending stablecoin legislation. Major VCs like General Catalyst, IDG Capital, and Fidelity are set to gain significantly, collectively holding over 130 million shares.
2. Bpifrance announced it will invest up to €25 million ($27 million) directly in digital assets to support French companies and venture capitalists in blockchain sectors like DeFi, DePINs, tokenization, and Layer 1-3 chains. The initiative, backed by France's Ministry of Economy and Finance, marks a pioneering move among global sovereign wealth funds and allows Bpifrance to receive tokens instead of equity, expanding its capabilities in asset tokenization and blockchain liquidity management. Deputy CEO Arnaud Caudoux emphasized the urgency of this strategy due to the U.S.'s aggressive crypto policies under President Trump, aiming to prevent talent and innovation from relocating and to ensure France builds its own digital asset ecosystem. France aims to become a global hub for digital assets, with Bpifrance already investing over €150 million in blockchain projects and startups, and backing major players like Ledger and Aleph.im since launching its strategy in 2022.
3. Australia is developing a comprehensive regulatory framework for digital assets to enhance innovation and ensure investor protection. Crypto exchanges, custodians, and stablecoin issuers will need to obtain an Australian Financial Services License (AFSL) to operate legally. The framework aims to address debanking issues and assess tokenization laws, promoting a secure and innovative environment for digital assets. Stakeholders view these measures as positive steps toward the sector's development in Australia.
4. Cryptocurrency exchange Kraken is considering a major capital raise ahead of a potential initial public offering (IPO) early next year, Bloomberg reported on March 24. According to an anonymous source, the exchange is exploring a capital raise of $200 million to $1 billion, potentially facilitated by Goldman Sachs or JPMorgan, ahead of a possible IPO in early 2026. Kraken reported $1.5 billion in revenue and $665 billion in cumulative trading volume for 2024, with a 128% revenue increase from the previous year. Kraken acquired NinjaTrader for $1.5 billion to expand into derivatives and multi-asset services, resuming crypto staking in 37 U.S. states amid a more favorable regulatory environment.
5. BlackRock Inc., the world's largest asset manager with $11 trillion in assets under management, is launching a Bitcoin exchange-traded product (ETP) in Europe. The Swiss-based ETP will provide European investors with direct exposure to Bitcoin through a regulated investment vehicle. This initiative follows BlackRock's prior success with cryptocurrency products in the United States and reflects the growing institutional interest in digital assets. The launch is expected to attract significant inflows as investors seek diversified exposure to cryptocurrencies. Separately, 21Shares has expanded its European offerings by listing three new crypto ETPs on Nasdaq Stockholm: CBTC, ASOL, and AXRP. These products provide exposure to Bitcoin, Solana with staking yields, and XRP, respectively. The 21Shares Bitcoin Core ETP offers 100% physically-backed exposure to Bitcoin with a 0.21% management fee.
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And that’s all for last week’s news! Wishing you a great week ahead!