REEx Inside Scoop: BlackRock Reports 4.6% of USA Rare Earth Despite Higher Share Count

Highlights

• BlackRock increased its USA Rare Earth share count by over 4.3 million shares to 17,159,876, yet its ownership percentage fell from 5.9% to 4.6% due to dilution.
• USA Rare Earth issued 126.8 million new shares upon completing its Serra Verde acquisition on September 3, 2026, reducing existing holders' percentage stakes.
• REEx withholds a buy recommendation until USA Rare Earth proves its assets—Round Top, Serra Verde, Stillwater magnets, and Carester partnership—can function as an integrated supply chain.
• Serra Verde's key near-term benchmark is reaching a ~4,000-tonne-per-year rare earth oxide equivalent run rate by end of 2026.