Circle raises $222M at $3B valuation

Circle Internet Group’s reported $222 million raise was not a fresh equity financing for the parent company disclosed on May 23. The company said on May 11 that it had completed a private presale of ARC, the native token of its new blockchain network, Arc, at a $3 billion fully diluted network valuation. Circle disclosed the transaction in its first-quarter 2026 results and related SEC filing. The distinction matters because the $3 billion figure refers to Arc’s fully diluted network valuation, not a new valuation for Circle Internet Group itself. CNBC, which reported the deal on May 11, said the raise was tied to the presale of a token for Circle’s new blockchain as the USDC issuer pushes beyond its core stablecoin business. (circle.com) ### Was this a new company funding round announced on May 23? May 23 appears to be the date the item circulated on social media, not the date Circle first disclosed the financing. Circle’s own press release is dated May 11, 2026, and lists “ARC Token: $222M presale raise at a $3 billion fully diluted network valuation” in the company’s business highlights for the quarter. (cnbc.com) The SEC filing tied to those results also said Arc remained on track for a mainnet launch this year, indicating the token sale was part of the buildout of the network rather than a standalone corporate capital raise announced later in the month. ### What exactly did Circle sell? Circle said the financing came from an ARC token presale. (circle.com) FinanceFeeds reported that the company agreed to sell 740 million ARC tokens in a private placement, while CoinDesk and CNBC described it as a presale tied to Arc, Circle’s new blockchain network. Circle described Arc as a new blockchain initiative in the same earnings materials that outlined its quarterly financial results. (sec.gov) The company did not characterize the transaction in those materials as a new funding round for the parent company. ### Who backed the deal? Circle named a16z crypto, Apollo Funds, ARK Invest, BlackRock, Bullish, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson Investors, Marshall Wace, SBI Group and Standard Chartered Ventures among the investors in the presale. (financefeeds.com) That investor list appeared in Circle’s May 11 press release. (circle.com) CNBC separately reported that Andreessen Horowitz led the investment. CoinDesk also reported backing from BlackRock, Apollo and Bullish. ### How does this fit into Circle’s broader business? Circle reported first-quarter 2026 revenue and reserve income of $694 million and said USDC in circulation reached $77.0 billion at quarter-end. (circle.com) The company said USDC onchain transaction volume in the quarter was $21.5 trillion. The Arc disclosure came alongside those operating figures, suggesting Circle was presenting the token sale as part of a broader expansion beyond issuing USDC. (cnbc.com) CNBC said Circle was using Arc to expand beyond its core stablecoin business. ### What comes next for Arc? Circle’s quarterly filing said Arc remained on track for a mainnet launch in 2026. (circle.com) The filing also said the testnet had near-100% uptime, half-second transaction finality and more than 166 million total transactions since launch as of February 20. The next formal updates are likely to come through Circle’s SEC filings and investor materials. (cnbc.com) Circle’s EDGAR page shows its most recent quarterly report was filed on May 11, 2026, and subsequent company disclosures would be the place to watch for timing on the mainnet launch and any further ARC sale details. (sec.gov 1) (sec.gov 2)