Circle Stock Soars as Arc Blockchain Valuation Reaches $3 Billion

Circle, the stablecoin giant, has seen its stock rise by about 5% in pre-market trading after its blockchain, Arc, was valued at $3 billion in a token presale.

The sale of 740 million ARC tokens to institutional investors is expected to bring in around $222 million in gross proceeds. The initial supply of 10 billion ARC tokens implies a fully diluted network valuation of $3 billion.

The investors, led by a16z crypto, the crypto arm of venture capital firm Andreessen Horowitz, invested a total of $75 million. Other notable investors include BlackRock and Intercontinental Exchange.