Circle Raises $222M in Arc Presale, Values Arc at $3B

Circle raised $222 million in a presale of ARC tokens, valuing the planned Arc blockchain at about $3 billion on a fully diluted basis. The round closed in early May 2026 and was led by Andreessen Horowitz, which committed $75 million. Other participants listed by the company include BlackRock, Apollo Funds, Intercontinental Exchange and Janus Henderson Investors.

Arc is Circle’s planned blockchain and ARC is intended to be its native token. The network remains pre-launch and ARC tokens are not publicly traded. The presale price implies a fully diluted valuation of roughly $3 billion based on a total supply set at 10 billion tokens.

Token allocations designate 25% of supply to Circle, 60% to ecosystem growth for users and developers, and 15% reserved. Circle did not provide a public timetable for mainnet launch or for when ARC would trade on public crypto markets.

Circle is listed on the New York Stock Exchange under the ticker CRCL. The presale is the first known instance of a publicly listed company conducting a token sale ahead of launching its own blockchain. Circle built its business around USDC, a dollar-pegged stablecoin with circulation above $30 billion. The company reported Q1 2026 results that missed analyst estimates.

A publicly traded company conducting a pre-launch token sale creates overlapping obligations: as a listed firm Circle must meet disclosure and governance requirements while participating in an activity that is often regulated differently. Regulators and market participants have shown interest in token offerings tied to public companies.

Circle described Arc as infrastructure to power new services for its ecosystem. The company did not disclose detailed revenue forecasts tied to Arc or a timeline for ecosystem spending. The presale proceeds total $222 million, with Andreessen Horowitz’s $75 million the single largest disclosed commitment.