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Shares of Circle (NYSE:CRCL) rose in early trading after the company reported results that investors viewed positively.
Circle reported first-quarter 2026 top-line revenue and reserve income of $694 million, up 20% year over year.
Net income from operations was $55 million, down 15% from the prior year period, while adjusted EBITDA increased to $151 million, up 24%.
USDC, Circle’s dollar-based stablecoin, stood at $77 billion in circulation at quarter-end, up 28%.
Operating expenses were $242 million, up 76% year over year, largely attributed to higher compensation costs tied to post-IPO stock-based compensation and related payroll taxes.
Jeremy Allaire, co-Founder and CEO of Circle, said the quarter reflected “strong execution” against what he described as a larger opportunity at the intersection of AI platforms and economic operating systems.
“With the ARC token presale, momentum behind the Arc network, and the launch of our Agent Stack, we are building trusted infrastructure for AI-native economic activity and a more programmable internet financial system.”
Circle also described ARC as a new digital asset issued by the company and tied to the layer-one blockchain of the Arc Network. Arc focuses on stablecoin finance, the tokenization of RWAs, and other institutional-grade applications.
In connection with the earnings release, Circle said it raised $222 million for the new institutional blockchain at a $3 billion valuation. Circle noted that Arc’s 10 billion tokens include Circle’s 25% holdings.
Circle shares were up more than 11% in early trading.
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