Circle Raises $222M for Arc Blockchain at $3B Valuation, Q1 Earnings Beat Estimates
Circle reported strong first-quarter earnings with EPS of $0.21 beating estimates of $0.17, and revenue rising 20% to $694 million. USDC onchain transaction volume surged over 260% to $21.5 trillion, while circulating USDC grew 28% to $77 billion. The company raised $222 million in a presale of its ARC token for the new Arc blockchain network, valuing the project at $3 billion. The funding round included major investors such as BlackRock, Apollo Funds, a16z crypto, ARK Invest, CoinDesk's parent company Bullish, Haun Ventures, Intercontinental Exchange, and Standard Chartered Ventures. Arc, which started testing in October, is designed as a blockchain optimized for stablecoin-based capital markets and regulated financial activity, with the ARC token serving a role similar to ether on Ethereum or SOL on Solana for network governance and security. This move marks Circle's expansion beyond USDC into blockchain infrastructure for institutional finance.
Key facts
- Circle raised $222M in ARC token presale at $3B valuation.
- Q1 EPS of $0.21 beat estimates; revenue up 20% to $694M.
- USDC onchain volume surged 260% to $21.5T.
- Arc blockchain targets institutional finance and stablecoin capital markets.
- Investors include BlackRock, Apollo, a16z, ARK Invest, Bullish, and others.