BlackRock Seeks 10% Stake in Circle’s Upcoming IPO

BlackRock is positioning itself to acquire a significant 10% stake in Circle Internet Financial Ltd.’s impending initial public offering. The asset management giant, already intertwined with Circle through its management of the Circle Reserve Fund, appears poised for a seamless investment. The fund, which backs 90% of USDC stablecoin reserves, reported nearly $30 billion in net assets as of April 2024.

Market sources suggest BlackRock may channel the purchase through a subsidiary or investment vehicle, though final terms remain undisclosed. Neither party has publicly confirmed the transaction. Circle’s IPO will release 24 million Class A shares—9.6 million newly issued and 14.4 million from existing holders—with underwriters retaining a 30-day option for an additional 3.6 million shares.

Demand conspicuously outstrips supply, reflecting institutional confidence in stablecoin infrastructure. The MOVE signals deepening convergence between traditional finance and digital assets, with USDC’s issuer attracting heavyweight backing amid a competitive stablecoin landscape.