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Circle Banks $200M From Giants Like BlackRock In Arc Token Presale, CRCL Jumps 15%
Stablecoin issuer Circle (CRLC) saw its shares climb 15% to $130 following the disclosure of a successful $222 million presale for Arc, the native token of its new blockchain. The funding round, which included major investors like Andreessen Horowitz, BlackRock, and Apollo Funds, values Arc at a $3 billion fully diluted network valuation. Circle CEO Jeremy Allaire emphasized that Arc is designed to be an operating system for institutional finance, not just for stablecoins and payments, and aims to be a foundational layer for businesses, with Circle taking a 25% stake in the token’s initial supply.