Circle Raises $222M in Arc Token Presale

Circle has successfully raised $222 million in a token presale for its new institutional blockchain, Arc, achieving a $3 billion fully diluted valuation. The funding round saw participation from major investors including a16z crypto, BlackRock, and Intercontinental Exchange. Concurrently, Circle reported a 20% increase in Q1 revenue, with USDC supply growing 28% to $77 billion and on-chain transaction volume surging by 263%. Despite a 15% dip in net income due to increased operating expenses from post-IPO stock compensation, the company's performance indicates strong growth in its digital currency operations.