Circle Internet Group Raises $20.25M from ARC Token Sale
Circle Internet Group, Inc. announced the completion of a second closing for the presale of its native ARC tokens, raising approximately $20.25 million in aggregate gross proceeds. The company sold 67.5 million ARC tokens to institutional investors at $0.30 per token, implying a fully diluted network valuation of $3 billion for its Arc blockchain network. The private placement included lock-up restrictions for investors, prohibiting transfers for at least one year after the network transitions to a Proof-of-Stake consensus mechanism, with potential restrictions extending up to four years. Repayment rights are in place if the network transition is not completed by May 8, 2028, or if other conditions are not met.
Key Highlights
- Circle Internet Group raised approximately $20.25 million in gross proceeds.
- Sold 67.5 million additional ARC tokens in a second closing of a presale.
- ARC tokens were offered at a purchase price of $0.30 per token.
- Implies a fully diluted network valuation of $3 billion for the Arc blockchain.
- Investors agreed to a lock-up restriction for at least one year following the network's Proof-of-Stake transition.
- Additional transfer restrictions may apply for up to four years after the transition date.
- Repayment rights exist if ARC tokens are not delivered or if the Arc network transition is not completed by May 8, 2028.
Price Impact
More from CRCL