TheBlock
Circle closed a $222 million token presale for Arc, its new institutional blockchain, at a $3 billion fully diluted valuation. The investor list reads like a who's-who of institutional crypto capital: a16z crypto, BlackRock, Apollo, and Intercontinental Exchange all participated — a lineup that signals Arc is being positioned as serious infrastructure for regulated finance.
The raise landed alongside Circle's Q1 2026 results, which showed $694 million in total revenue and USDC supply up 28% to $77 billion. Onchain transaction volume surged 263% to $21.5 trillion — a number that underscores how much settlement activity is migrating to public blockchains.
The one caveat: net income fell 15% as post-IPO stock compensation pushed operating expenses up 76%. The revenue growth is real, but the cost structure is expanding fast — something investors will be watching as Circle scales Arc…
CoinDesk
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