Circle raises $222 million for Arc, beats Q1 earnings estimates but misses on revenue
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Circle posted Q1 earnings per share of $0.21, beating analyst estimates of $0.17.
- Circle reported Q1 revenue of $694 million, 3% below the $715 million consensus, even as revenue grew 20% year‑over‑year.
- Circle raised $222 million in an ARC token presale, valuing the Arc blockchain at $3 billion, with investors including BlackRock, Apollo Funds, a16z crypto, ARK Invest, Bullish, Haun Ventures, Intercontinental Exchange, and Standard Chartered Ventures.
- USDC on‑chain transaction volume surged 260% YoY to $21.5 trillion, while its circulating supply rose 28% to $77 billion.
- Circle’s shares rose about 1.2% to $115 in pre‑market trading after the earnings release.
Why it matters: BlackRock, Apollo and other investors secure stakes in Circle’s $3 billion‑valued Arc network, while the $21 million revenue shortfall highlights ongoing pressure on Circle’s USDC core; the capital influx accelerates Circle’s push into regulated blockchain finance for institutions.
Ask SkimNews
