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Circle10-K: Supplier concentration

Circle highlights critical operational dependency on BlackRock for reserve fund management

What happened

The filing underscores Circle's reliance on BlackRock Advisors, LLC to manage the Circle Reserve Fund, a cornerstone of its stablecoin infrastructure.

Source

SEC EDGARJul 13, 2026

Annual report (Form 10-K)

Circle 10-K for FY2025

Filing excerpt

...to provide the separate audited financial statements of the Circle Reserve Fund (the “Fund”), a money market fund managed by BlackRock Advisors, LLC, as required by Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934...

sec.gov/Archives/edgar/data/1876042/000187604226000228/crcl-20251231.htmRead the full source

Other signals in this filing (3)

Extracted by Autobound

From the Signal API record
Signal
10-K: Supplier concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Jul 13, 2026

More 10-K signals at other companies

The full record

From the Signal API record

Details

CIK
1876042
Accession number
0001876042-26-000228
Timeframe
Current year
Filing year
2026
Why it matters
Risk management needed
Signal category
Market

Topics and mentions

Vendors

  • BlackRock Advisors
  • LLC

Vendors named

  • BlackRock Advisors, LLC

Extraction

Confidence
High
Relevance
80%
Sentiment
Neutral
Detected
Jul 14, 2026
signal_type
sec-10k
signal_subtype
supplierConcentration

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/ac2aba34-3aed-43e5-b1ec-2f2f484d555c returns this record as JSON. POST /v1/companies/enrich returns every signal for circle.com.

{
  "signal_id": "ac2aba34-3aed-43e5-b1ec-2f2f484d555c",
  "signal_type": "sec-10k",
  "signal_subtype": "supplierConcentration",
  "detected_at": "2026-07-14T07:04:22.987+00:00",
  "company": {
    "name": "Circle",
    "domain": "circle.com"
  },
  "data": {
    "detail": "The filing underscores Circle's reliance on BlackRock Advisors, LLC to manage the Circle Reserve Fund, a cornerstone of its stablecoin infrastructure. This concentration on a single vendor for a mission-critical function presents a significant supply chain dependency and potential risk.",
    "metrics": {
      "timeframe": "current_year"
    },
    "summary": "Circle highlights critical operational dependency on BlackRock for reserve fund management",
    "excerpts": "...to provide the separate audited financial statements of the Circle Reserve Fund (the “Fund”), a money market fund managed by BlackRock Advisors, LLC, as required by Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934...",
    "relevance": 0.8,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/1876042/000187604226000228/crcl-20251231.htm",
    "filing_date": "2026-07-13",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Risk management needed",
    "signal_category": "market",
    "vendors_mentioned": [
      "BlackRock Advisors, LLC"
    ]
  }
}

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