Circle的IPO申請引起了對其比特幣戰略和更廣泛的財務穩定的批評

該公司以發行USDC Stablecoin而聞名，其最近的文件揭示了詳細信息，這些細節引起了整個加密貨幣空間的懷疑。

Circle’s initial public offering (IPO) filing has drawn sharp criticism from industry insiders, who question its Bitcoin strategy and broader financial stability.

Circle的首次公開募股（IPO）申請引起了行業內部人士的尖銳批評，他們質疑其比特幣戰略和更廣泛的財務穩定性。

While the company is best known for issuing the USDC stablecoin, its recent filings have revealed details that have prompted skepticism across the crypto space.

雖然該公司以發行USDC Stablecoin而聞名，但其最近的文件顯示了詳細信息，這些細節引起了加密貨幣空間的懷疑。

Heavy on altcoins, light on Bitcoin and Ethereum

重心的山寨幣，對比特幣和以太坊點亮

Circle’s crypto holdings show a surprising position heavily skewed toward altcoins over Bitcoin (BTC) and Ether (ETH).

Circle的加密貨幣持有量在比特幣（BTC）和Ether（ETH）上傾斜的偏向偏差，表現出令人驚訝的位置。

As of Dec. 31, 2024, the company held just 73 BTC, valued at roughly $6.78 million, and 1,746 ETH, for a total of about $5.82 million.

截至2024年12月31日，該公司僅持有73 BTC，價值約678萬美元和1,746 ETH，總計約582萬美元。

These figures are notably small, especially compared to Tether’s 92,000 BTC, which is valued at approximately $7.64 billion and ranks among the top six Bitcoin holdings globally.

這些數字顯著很小，尤其是與Tether的92,000 BTC相比，該數字的價值約為76.4億美元，並且在全球前六個比特幣控股中排名。

Instead, Circle appears to be focused more heavily on emerging blockchains. Its altcoin portfolio includes 6.25 million Sei tokens, 2.3 million Sui tokens, and over 867,000 Optimism tokens. In addition, the firm owns over 217,000 Aptos tokens and other unspecified digital assets that contribute $3.37 million to the portfolio.

取而代之的是，圓圈似乎更集中在新興的區塊鏈上。它的Altcoin投資組合包括625萬個SEI令牌，230萬個SUI令牌和超過867,000個樂觀令牌。此外，該公司擁有超過217,000個Aptos代幣和其他未指定的數字資產，這些資產為投資組合貢獻了337萬美元。

The combined fair value of these assets, $18.7 million, significantly outpaces its Bitcoin and Ethereum allocations.

這些資產的合併價值（1,870萬美元）大大超過了比特幣和以太坊分配。

This strategy has led some to question Circle’s long-term confidence in Bitcoin and Ethereum. While it may reflect optimism around emerging ecosystems, many see it as a risky move that could backfire, further cutting into Circle’s credibility.

這一策略使一些人質疑Circle對比特幣和以太坊的長期信心。儘管它可能反映出圍繞新興生態系統的樂觀情緒，但許多人認為這是一個可能適得其反的風險舉動，進一步削弱了Circle的信譽。

Richard Heart, the founder of HEX, expressed surprise at the small size of Circle’s Bitcoin and Ethereum positions.

Hex的創始人Richard Heart對Circle的比特幣和以太坊位置的小規模表示驚訝。

“Circle, the company of USDC fame, had $7M of Bitcoin and $6M of Ethereum Dec 31, 2024. That’s a very small crypto holding for a company of their size and a year-to-date loss of $4M on these two coins alone. Some companies & people doing well are better for Bitcoin and Ethereum price than others. Honor them and show them respect,” Heart said.

“ Circle是USDC成名的公司，擁有700萬美元的比特幣和600萬美元的以太坊，2024年12月31日。這是一個很小的加密貨幣，僅對他們的大小的公司而言，僅在這兩個硬幣上損失了400萬美元。一些公司和某些公司和其他人的比特幣和以太幣的價格更好。比特幣和以太幣的價格更好。

Circle’s valuation subject to scrutiny

圈子的估值受到審查

Besides its paltry Bitcoin and Ethereum holdings, industry insiders are also examining Circle’s financial disclosures closely.

除了其微不足道的比特幣和以太坊持有量外，行業內部人士還密切檢查了Circle的財務披露。

Omar Kanji, a partner at Dragonfly, took to X, formerly known as Twitter, to criticize Circle’s IPO filing, questioning how the company justifies a $5 billion valuation.

Dragonfly的合夥人Omar Kanji批評Circle的IPO文件，質疑該公司如何以50億美元的估值合理。

He highlighted several issues, including ballooning compensation costs of $250 million annually and $140 million in general expenses.

他強調了幾個問題，包括每年的薪酬成本為2.5億美元和1.4億美元的一般費用。

Kanji went on to mention that Circle’s revenue model is heavily reliant on interest rates, which have likely peaked, putting further pressure on its core revenue stream.

漢字繼續提到，Circle的收入模式在很大程度上依賴於利率，這些利率可能達到了頂峰，這給其核心收入流帶來了進一步的壓力。

Concluding his thoughts, Kanji stated that the IPO might be a desperate bid for liquidity, deeming Circle’s business model structurally flawed.

漢吉（Kanji）結論說，IPO可能是對流動性的絕望，認為Circle的商業模式在結構上存在缺陷。

Finally, considering Coinbase’s significant share in USDC-related revenue, Kanji believes it could make a move to acquire Circle post-IPO if its stock price struggles.

最後，考慮到Coinbase在與USDC相關的收入方面的重要份額，漢字認為，如果其股票價格掙扎，它可以採取行動獲得IPO的圈子。

Estimating that Coinbase nets nearly $900 million out of Circle’s $1 billion income from USDC, highlighting the dependency, especially if the IPO flops.

估計Coinbase在Circle的10億美元收入中淨獲得了近9億美元的收入，突出了依賴性，尤其是在IPO失敗的情況下。

suggesting that if the IPO doesn't go well, or if Circle's stock price struggles, Coinbase could swoop in and acquire the company. He also mentioned that there might be a bidding war emerging, with Ripple potentially joining the fray at a valuation between $15 billion and $20 billion.

建議如果IPO進行得不好，或者如果Circle的股價掙扎，Coinbase可以湧入並收購公司。他還提到可能會出現一場競標戰，而波紋可能會以150億至200億美元的估值加入競爭。

This would make for an interesting twist in the ongoing saga of the crypto industry's competitive landscape. It will be interesting to see how these events unfold and what impact they will have on the broader cryptocurrency market.

這將使加密貨幣行業競爭景觀的持續傳奇變得有趣。看到這些事件如何展開以及它們將對更廣泛的加密貨幣市場產生什麼影響將很有趣。