在紐約證券交易所上的首次公開募股（IPO）圈出互聯網組文件

根據4月1日的S-1申請，該公司計劃在股票CRCL下列出。

Circle Internet Group, the company behind the USDC stablecoin, filed for an initial public offering (IPO) on the New York Stock Exchange. According to the April 1 Form S-1 filing, the firm plans to list under the ticker CRCL.

USDC Stablecoin背後的公司Circle Internet Group申請了紐約證券交易所的首次公開募股（IPO）。根據4月1日的S-1申請，該公司計劃在股票CRCL下列出。

The document, submitted to the U.S. Securities and Exchange Commission (SEC), did not mention the number of shares or the offer price. The Circle IPO marks another attempt by the company to go public. It previously pursued a SPAC merger in 2021, which was canceled in December 2022. In January 2024, Circle submitted a confidential filing to the SEC.

該文件已提交給美國證券交易委員會（SEC），沒有提及股票數量或要約價格。 Circle IPO標誌著公司公開的另一種嘗試。它以前在2021年於2022年12月取消了SPAC合併。 2024年1月，Circle向SEC提交了機密文件。

The filing comes as other crypto firms, including Kraken and BitGo, are also preparing for potential listings.

該備案是因為其他加密公司（包括Kraken和Bitgo）也正在為潛在列表做準備。

Circle Revenue Reached $1.67 Billion in 2024

圈子收入在2024年達到16.7億美元

The Circle financials showed $1.67 billion in revenue for 2024, a 16% increase from the previous year. However, net income fell by 41.8%, decreasing to $155.6 million. In 2023, Circle earned more, while in 2022, it reported a net loss of $761.7 million.

Circle Financials顯示2024年的收入為16.7億美元，比上一年增長了16％。但是，淨收入下降了41.8％，降至1.556億美元。 2023年，Circle賺了更多，而在2022年，它的淨虧損為7.617億美元。

One key cost listed in the filing was $908 million paid to Coinbase in 2024. Coinbase is Circle’s main partner in distributing USDC. This cost was higher than Circle’s own profits from the stablecoin.

該文件中列出的一個關鍵成本是2024年向Coinbase支付了9.08億美元。 Coinbase是Circle分發USDC的主要合作夥伴。這一成本高於Circle自身從Stablecoin中獲利。

Agora CEO Nick van Eck made an observation that Coinbase was making more money from the USDC stablecoin circulation than Circle was.

Agora首席執行官尼克·範·埃克（Nick Van Eck）觀察到，Coinbase從USDC Stablecoin循環中賺取的錢超過了Circle。

Matthew Sigel, head of digital asset research at VanEck, elaborated on the matter. He explained that high distribution costs impacted both Circle’s EBITDA and net income.

Vaneck數字資產研究負責人Matthew Sigel詳細介紹了此事。他解釋說，高分配成本影響了Circle的EBITDA和淨收入。

Over 99% of Circle Revenue Came From Stablecoin Reserves

超過99％的圈子收入來自Stablecoin儲備金

The filing revealed that over 99% of Circle’s revenue came from its stablecoin reserves. Circle holds assets like Treasury bills to generate income tied to USDC.

該文件顯示，Circle收入中有99％來自其穩定儲備。 Circle持有諸如國庫賬單之類的資產，以產生與USDC相關的收入。

The company’s balance sheet also included crypto holdings. Circle owns $6.2 million in Bitcoin, $5.6 million in Sui, and $3.3 million in Ether. Other holdings include Aptos, Sei, and Optimism. However, these do not represent the main revenue source.

該公司的資產負債表還包括加密貨幣。 Circle擁有620萬美元的比特幣，560萬美元的SUI和330萬美元的Ether。其他股份包括Aptos，SEI和樂觀。但是，這些並不代表主要收入來源。

Circle continues to use stablecoin reserves to earn most of its income. No change in strategy was outlined in the filing.

Circle繼續使用Stablecoin儲備來賺取其大部分收入。文件中沒有概述戰略的變化。

USDC Circle’s Public Listing Follows International Expansion

USDC Circle的公開清單遵循國際擴張

Recently, Circle expanded internationally. On March 25, it became the first stablecoin issuer approved in Japan. The next day, USDC went live on SBI VC Trade, a local crypto exchange.

最近，Circle在國際上擴張。 3月25日，它成為日本批准的第一位穩定發行人。第二天，USDC在當地的加密交易所SBI VC Trade上線。

The USDC stablecoin is currently the second-largest by market cap. According to CoinGecko data, it holds a $60.1 billion market cap. Tether (USDT) leads with $143.9 billion.

USDC Stablecoin目前是市值第二大。根據Coingecko Data的數據，它擁有601億美元的市值。 Tether（USDT）以1439億美元領先。

While the IPO filing focused on U.S. financial data, the listing follows this regulatory milestone in Japan. The Circle public listing adds to the list of crypto firms entering public markets.

儘管IPO申請的重點是美國財務數據，但列表遵循日本的這一監管里程碑。 Circle Public Listing將進入公共市場的加密貨幣公司列表增加了。