Circle announced a $222 million presale for its ARC token at a $3 billion valuation alongside first-quarter results. The USDC issuer beat earnings estimates but missed on revenue. Shares rose more than 15 percent on the news.
Circle reported earnings per share of 21 cents for the first quarter, beating analyst estimates of 17 cents. Revenue rose 20 percent year over year to $694 million, falling short of forecasts by 3 percent. USDC circulation grew 28 percent to $77 billion while onchain transaction volume surged 260 percent to $21.5 trillion.
