Circle Raises $222 Million for Institutional Blockchain at $3 Billion Valuation

Circle Internet Group has made significant strides in the crypto market with its latest fundraising effort. The company raised $222 million in a token presale for its Arc institutional blockchain at a valuation of $3 billion. This marks a major milestone for Circle, as it becomes the first publicly listed company to conduct a token presale.

The investment round was led by Andreessen Horowitz, with other prominent investors participating, including BlackRock and Apollo Funds. The funds raised will be used to support the development of Arc, which is designed to cater to institutional finance needs. One of its key features is its use of USDC as a native gas token.

Circle's Q1 results showed strong growth in USDC adoption, with its circulation growing by 28% to $77 billion at the end of the quarter. On-chain USDC transaction volume reached $21.5 trillion for the quarter, a 263% increase from the prior year. The company also announced the launch of Circle Agent Stack, a suite of tools for autonomous AI agents.