Circle raised $222 million in an ARC token presale led by a16z crypto as Q1 revenue hit $694 million and USDC circulation climbed to $77 billion.
Circle Internet Group agreed to sell 740 million ARC tokens for $222 million in a private placement led by a16z crypto, valuing the Arc blockchain network at $3 billion on a fully diluted basis.
The New York Stock Exchange-listed issuer of the USDC stablecoin disclosed the token presale Monday alongside its first-quarter 2026 results, which showed higher revenue and reserve income but lower net income.
The round was led by a16z crypto and backed by a consortium including BlackRock, Apollo Funds, ARK Invest, Bullish, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson Investors, Marshall Wace, SBI Group and Standard Chartered Ventures.
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