USDC issuer Circle raises $222M in Arc token presale valued at $3B

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ARC’s five interconnected functions. Source: ARC Circle said ARC has a fixed initial supply of 10 billion tokens allocated across three buckets, with about 60% going to the ecosystem for developers, grants and network growth, while 25% is reserved for Circle to support development, staking and governance participation. The company said the remaining 15% is set aside as a long-term reserve to provide flexibility and stability during market stress or future network needs. Related: Canton Network creator targets $300M in capital raise: Report Circle’s financial performance in the first quarter was driven primarily by continued growth in USDC circulation and transaction activity. USDC in circulation rose 28% year over year to $77.0 billion at quarter end, while onchain transaction volume surged 263% to $21.5 trillion. Total revenue and reserve income, which includes earnings from USDC reserves and other business lines, rose 20% to $694 million. Source: Circle Net income fell 15% to $55 million, as higher costs outweighed revenue growth. Operating expenses rose 76% to $242 million, driven mainly by post-IPO stock-based compensation and related payroll taxes, along with continued investment in product, distribution and infrastructure. Even so, Circle’s underlying business performance improved, with adjusted EBITDA rising 24% to $151 million. Circle (CRCL) stock price chart year-to-date. Source: Yahoo Finance Circle (CRCL) shares were up around 3% in premarket trading to $116.7, extending recent gains, according to Yahoo Finance. The stock is up around 12.2% over the past month and more than 40% year to date. Magazine: XRP ‘probably going to $12,’ Bitcoin ETFs add $1B: Market Moves More on the subject

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