Circle raises $222 million in ARC token presale at $3 billion valuation

Alongside its first-quarter results, Circle said it raised $222 million in a presale of the ARC token for its Arc blockchain at a $3 billion fully diluted network valuation. Investors included a16z crypto, BlackRock, Apollo Funds, Intercontinental Exchange and Standard Chartered Ventures. The company published the ARC whitepaper the same day and said presale revenue would be recognized in other revenue.

• Presale size: $222 million
• Valuation: $3 billion fully diluted network valuation
• Investors include a16z crypto, BlackRock, Apollo Funds, ICE and Standard Chartered Ventures
• Presale revenue is recognized in other revenue