USD Coin（USDC）的發行人Circle Internet Financial已申請IPO

USD Coin（USDC）的發行人Circle Internet Financial已向分析師對公司盈利能力的關注提出了首次公開募股（IPO）。

Circle Internet Financial, the issuer of USD Coin (USDC), has filed for an initial public offering (IPO) amid analyst concerns over the company’s profitability.

USD Coin（USDC）的發行人Circle Internet Financial已向分析師對公司盈利能力的關注提出了首次公開募股（IPO）。

The firm submitted an S-1 form to the Securities and Exchange Commission (SEC) yesterday, which, if approved, will see the company’s stock trade on the New York Stock Exchange under the symbol “CRCL.”

該公司昨天向美國證券交易委員會（SEC）提交了S-1表格，如果獲得批准，該表格將在紐約證券交易所的股票交易中以“ CRCL”為單位。

Not USDC Issuer’s First Attempt To Go Public

不是USDC發行人首次嘗試公開嘗試

Circle, the issuer of the second-largest stablecoin by market capitalization, has been trying to go public since 2021. Its first attempt was a SPAC merger, which failed because the company did not complete the SEC’s “qualification in time,” said CEO Jeremy Allaire.

首席執行官傑里米·阿雷爾（Jeremy Allaire）表示，凱西（Circle）是第二大穩定幣的發行人，按市值開始，自2021年以來一直試圖公開。其首次嘗試是SPAC合併，因為該公司沒有完成SEC的“及時資格”，因此失敗了。

According to Allaire, the SEC decided not to sign off on the company’s plans by the deadline. However, this claim is disputed by Circle.

據Allaire稱，SEC決定不在截止日期之前簽署公司的計劃。但是，這一主張是由圈子提出的。

The firm then tried a different approach for its second attempt, filing a draft registration for an initial public offering with the SEC in January last year. This process dragged on due to the regulator’s hostile stance towards the crypto industry under former Chair Gary Gensler.

然後，該公司嘗試了另一種嘗試的方法，並於去年1月向SEC提交了首次公開募股的註冊草案。由於監管機構對加密工業的敵對立場，前主席加里·金斯勒（Gary Gensler）對加密貨幣產業的敵意立場拖延了下來。

Analysts Highlight Profitability Concerns

分析師強調盈利能力問題

While Circle’s move to file for an IPO marks a significant moment for the entire crypto industry, analysts have raised concerns regarding the company’s long-term prospects.

儘管Circle提出IPO的提交是整個加密貨幣行業的重要時刻，但分析師對公司的長期前景提出了擔憂。

The company’s filing revealed 2024 revenues of $1.67 billion. While this is a notable increase compared to previous years, a closer examination shows challenges for the company.

該公司的文件顯示，2024年收入為16.7億美元。儘管與往年相比，這是顯著的增長，但仔細檢查顯示了公司面臨的挑戰。

VanEck’s Head of Digital Asset Research Matthew Sigel noted that Circle’s earnings before interest, taxes, depreciation and amortization (EBITDA) declined by 29%. Additionally, the company’s net income has dropped 42%.

Vaneck的數字資產研究負責人Matthew Sigel指出，在利息，稅收，折舊和攤銷（EBITDA）之前，Circle的收入下降了29％。此外，該公司的淨收入下降了42％。

$1.7B revenues (+16% y/y)$285M EBIDTA (-29% y/y)$155M Net Income (-42%)pic.twitter.com toпамивчитель

$ 1.7B的收入（+16％y/y）$ 2.85億美元（-29％y/y）1.55億美元淨收入（-42％）pic.twitter.com topamiv。

— matthew sigel, recovering CFA (@matthew_sigel) April 1, 2025

- Matthew Sigel，恢復CFA（@matthew_sigel），2025年4月1日

Sigel attributed the decline in net income to rapid expansion, expensive service integrations as well as the discontinuation of revenue streams, including Circle Yield.

Sigel將淨收入的下降歸因於快速擴張，昂貴的服務整合以及收入流的停用，包括圓收益。

Agora CEO and co-founder Nick van Eck also noted in an April 1 X post that leading US crypto exchange Coinbase makes more money off of USDC than Circle does.

Agora首席執行官兼聯合創始人尼克·範·埃克（Nick van Eck）在4月1日的帖子中還指出，領導美國加密交易所Coinbase從USDC中賺取的錢超過了Circle。