Circle raises $222M in Arc presale at $3B FDV; Q1 revenue +20%

Circle raised $222 million in a presale of its Arc token at a fully diluted valuation of $3 billion and reported first-quarter revenue growth of 20% year over year. The presale drew participation from a mix of venture and institutional investors, including a16z Crypto and BlackRock.

The company framed the $222 million as the capital committed in the presale round. Circle did not disclose a public price per token, a release schedule for the total token supply, or the specific allocation of those committed funds.

A fully diluted valuation refers to the implied market value if all tokens were issued and outstanding. Circle’s presale disclosure noted the $3 billion figure but provided no detailed tokenomics, lockup periods, or a timeline for any public sale.

Circle reported the 20% rise in revenue for the first quarter compared with the same period last year. The company did not include a breakdown of revenue by business line in the presale announcement and did not specify which services or products drove the increase.

Circle is the issuer of USD Coin (USDC), a dollar-pegged stablecoin used in trading, payments and settlement across cryptocurrency markets. Jeremy Allaire is the company’s chief executive. Circle has expanded beyond stablecoin issuance into services such as tokenization and programmatic payments and has developed partnerships with institutional investors and asset managers.

The presale statement did not detail regulatory approvals related to Arc or provide a full roadmap for token distribution and economics. Information on lockup periods, timing of any subsequent public sale, and how presale proceeds will be used was not disclosed in the announcement.

Circle was founded in 2013 and has grown into one of the larger stablecoin issuers by market capitalization. The company’s disclosure links fundraising for the Arc token with an improving top line but leaves key details about the token offering and revenue composition unreported.