BlackRock Targets 10% Stake in Circle’s USDC-Backed IPO to Expand Crypto Footprint

Global asset management leader BlackRock is in advanced discussions to secure a 10% stake in Circle’s forthcoming initial public offering, underscoring its escalating involvement in the digital asset ecosystem. This strategic investment would reinforce BlackRock’s role as a major force in cryptocurrency infrastructure development.

Circle, the company behind the USDC stablecoin, submitted its IPO filing this week, proposing to issue 24 million shares priced between $24-$26 each. The offering could generate up to $624 million, with shares listed under the ticker ’CRCL’. BlackRock currently oversees the Circle Reserve Fund, which safeguards 90% of USDC’s reserve assets.

While market analysts highlight the deal’s uncertain status—BlackRock hasn’t clarified whether participation will be direct or through a subsidiary—the potential investment represents what would be the firm’s largest equity position in the crypto space to date. Company representatives have declined to comment on the ongoing negotiations.