Circle Raises $222M for New Blockchain; Reports Q1 Earnings
Circle (CRCL) has raised $222 million in a token presale for Arc, its new blockchain designed for institutional finance, valuing the network at $3 billion. a16z led the round with a $75 million investment, alongside BlackRock, Apollo Funds, and others. Circle is the first publicly listed company to conduct a token presale.
The announcement arrived alongside Circle's Q1 2026 results where the company reported total revenue and reserve income reached $694 million (+20% YoY), as USDC in circulation grew 28% to $77 billion. Onchain USDC transaction volume hit $21.5 trillion for the quarter (+263%) while adjusted EBITDA rose 24% to $151 million. Read more →
Kraken joins the charter race
Kraken’s parent company, Payward, has applied for an OCC national trust company charter, joining the growing list of crypto firms trying to move more of their custody and infrastructure business under federal oversight. The proposed Payward National Trust Company would focus on federally regulated digital asset custody for institutional clients, complementing Kraken’s existing Wyoming-chartered bank, Kraken Financial. The timing fits the broader pattern we covered recently with Stripe’s Bridge and Erebor – crypto companies are trying to reduce dependence on state-by-state licensing and build more bank-like rails without necessarily becoming full commercial banks. For Kraken, this also lands amid a bigger expansion push, including its planned IPO, its Bitnomial acquisition, and its reported $600 million deal for stablecoin firm Reap. Read more →
SUI rips higher
SUI was one of crypto’s biggest movers this week, ripping roughly 37% in a week as traders piled into one of the hotter Layer 1 names on the market. The clearest catalyst came Friday, when SUI Group Holdings (SUIG) revealed that its SUI treasury of more than 108 million tokens – worth over $143 million – has been staked, fueling chatter about a “meaningful supply squeeze.” On top of that, the CME recently launched regulated SUI futures, and the network has been picking up buzz around payments. The simpler explanation, however, is probably market structure. Whenever a small-cap altcoin gets a few bullish headlines, on top of perceived supply tightening, momentum traders show up. Read more →
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