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Circle reports Q3 revenue of $865 million as ARC presale adds $182 million
Circle's third-quarter revenue reached $865 million, helped by a token presale for its ARC network and a 5% staff cut.
Quick take
- Circle reported total revenue of $865 million in the third quarter, with other revenue climbing sharply.
- A token presale for the ARC network contributed $182 million, and about $222 million was raised from buyers.
- The company also cut about 5% of its staff and booked $9.1 million in restructuring charges.
CryptoPotato reported on Circle's third-quarter results, in which the company put total revenue at $865 million. The ARC presale accounted for $182 million of that figure, while other revenue climbed to $207 million from $29 million. Reserve income fell 8% to $658 million, according to the company's figures.
Circle's figures also show the reserve return rate fell by 61 basis points, landing at 3.5%, while average USDC in circulation rose 8%, reaching $73.3 billion. On the profit side, income from continuing operations grew 5%, hitting $226 million, and adjusted EBITDA jumped 85%, reaching $317 million.
The company sold 740 million ARC tokens in a presale at $0.30 each, raising about $222 million, with a16z crypto leading the round. Buyers receive repayment rights if proof-of-stake is not in place by May 8, 2028. Arc's mainnet went live on September 16, and proof-of-stake is targeted for 2027.
Circle also cut about 5% of its staff and recorded $9.1 million in restructuring charges. For buyers, the key date is May 8, 2028, when the repayment right would apply if proof-of-stake has not arrived.
Sources
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