Circle stock jumps after $222M Arc token presale

Circle Internet Group (NYSE: CRCL) shares closed about 16% higher on May 11, 2026, after the company announced it had raised $222 million in a pre-launch token sale for Arc, a new layer-one blockchain valued at $3 billion on a fully diluted basis. Investors in the presale included BlackRock, A16z, Apollo, Ark Invest and Intercontinental Exchange. Shares traded between roughly $129 and $134, touched intraday gains near 19% and settled with a roughly 16% gain, pushing CRCL’s year-to-date advance to about 68%.

The stock move coincided with Circle’s first-quarter earnings report. The company reported total revenue and reserve income of $694 million for Q1 2026, up 20% year-over-year but below some analysts’ estimates near $715 million. Net income from continuing operations was $55 million, down 15% from the prior-year period, driven by higher post-IPO stock-based compensation and increased growth spending. Adjusted EBITDA rose about 24%.

Circle highlighted USDC metrics for the quarter. USDC in circulation reached $77.0 billion at quarter-end, a 28% increase year-over-year. On-chain transaction volume processed through USDC totaled $21.5 trillion for the quarter, up 263% from Q1 2025, spanning payments, decentralized finance and tokenized assets.

On the company’s analyst call, CEO Jeremy Allaire characterized the quarter as part of a broader platform shift and noted, “USDC’s growth operates independently of crypto price cycles,” pointing to scaling stablecoin infrastructure and the token’s role in payments and tokenization.

Circle describes Arc as a payments- and tokenization-focused layer-one blockchain that includes an “Agent Stack” designed to connect artificial intelligence with blockchain functions. Circle is the first public company to conduct a pre-launch token sale for a blockchain project.

Market participants identified the Arc presale as the primary catalyst for the afternoon rally. Other crypto-linked stocks rose during the session: Coinbase climbed about 7.7% intraday, MicroStrategy gained roughly 4.5% and BitGo rose near 3.8%. The S&P 500 closed at an all-time high, while the Dow and Nasdaq also finished the day higher.

Some analysts flagged $150 as a potential upside target for CRCL if USDC adoption trends continue and Arc gains traction, and they noted short-term volatility remains elevated for crypto-adjacent stocks. Regulators and bankers continue to debate stablecoin policy in Congress.