Circle just posted their Q3 earnings and things are looking pretty lit with total revenue climbing 17% to 865 million dollars including that sweet presale cash from ARC the new native token on their Arc blockchain.
The ARC Token Presale Brings Some Repayment Twists 😈
Other revenue shot up to 207 million dollars from just 29 million a year back thanks to those presale gains. Reserve income dipped 8% down to 658 million dollars mainly cuz the reserve return rate fell 61 basis points to 3.5% tho average USDC circulation grew 8% hitting 73.3 billion dollars which helped cushion the blow. Net income from continuing ops rose 5% reaching 226 million dollars while adjusted EBITDA jumped 85% to 317 million dollars reflecting the presale boost and trimmed distribution costs.
They sold 740 million ARC tokens at 0.30 dollars each back in May pulling in roughly 222 million dollars from big investors like a16z crypto. The deals include repayment rights if Arc misses the proof of stake switch by May 8 2028. Arc hit public mainnet on September 16 and they are pushing for that switch in 2027.
Circle Trims The Team By 5% 💀
Circle is keeping their 2026 other revenue forecast steady at 310 million to 330 million dollars counting the presale money. A quick note shows they cut about 5% of staff with 9.1 million dollars in restructuring charges mostly for severance. This move aims to align the structure better with ops and strategy goals. Adjusted operating expenses excluding those one offs and stock pay rose 13% to 139 million dollars and they held the full year target at 570 million to 585 million dollars.
Just another echo from the void by iconofsin.eth 💖
