BlackRock Eyes 10% Stake in Circle’s IPO as USDC Gains Traditional Finance Backing

BlackRock Inc. is considering acquiring roughly 10% of Circle’s shares in its upcoming initial public offering, Bloomberg reports. The asset manager’s participation, while notable, is not yet finalized—it could involve direct investment, an affiliated vehicle, or may not proceed at all.

Circle’s IPO filing outlines plans to offer 24 million Class A shares, priced between $24 and $26, trading under the ticker ’CRCL’. ARK Investment Management has already signaled interest in purchasing up to $150 million worth of shares. BlackRock’s existing relationship with Circle includes managing the Circle Reserve Fund, which holds 90% of the reserves backing the USDC stablecoin.

A successful investment by BlackRock would highlight traditional finance’s growing involvement in digital assets, particularly in the stablecoin space. USDC, one of the largest dollar-pegged cryptocurrencies, is a key player in crypto trading and decentralized finance (DeFi) protocols.