Circle raises $222M for Arc Blockchain, backed by BlackRock

Circle Internet Group raised $222 million in a presale for its Arc blockchain token, valuing the network at $3 billion. Investors in the offering include BlackRock, Andreessen Horowitz, Apollo Global Management and Intercontinental Exchange. Andreessen Horowitz led the round with a $75 million commitment.

Circle described Arc as a blockchain aimed at institutional finance to support financial contracts, governance systems and AI-driven economic applications in addition to stablecoin transfers. CEO Jeremy Allaire described Arc as “entering the operating system business,” and said blockchain infrastructure is becoming as important as cloud computing and mobile operating systems.

Arc will have a total supply of 10 billion tokens. Circle allocated 60% of the supply to developers, contributors and network participants, 25% to Circle and 15% for long-term network development. The company said the network could generate revenue from validator operations, transaction fees and staking rewards.

Circle’s USDC stablecoin currently relies on external blockchains such as Ethereum and Solana for settlement and distribution. Launching Arc gives Circle direct control over the infrastructure for its ecosystem and is intended to make it easier to build tools for institutional use. The company announced developer tools for AI agents that can handle payments and online transactions using USDC.

Circle described the presale as one of the largest token fundraising rounds tied to a publicly listed crypto company. The announcement comes as U.S. lawmakers advance stablecoin legislation, including the GENIUS Act and the STABLE Act, which the company said is making fundraising and institutional participation more compliant.

Circle said it expects participation from financial firms, crypto companies and infrastructure providers to be important for the network’s growth. Following the presale announcement, Circle’s shares rose in early trading; the stock closed at $113.67 on Friday and climbed nearly 5% to about $116 in premarket trading.