Circle的新IPO文件闡明了其與Coinbase的關係，包括數百萬美元用於USDC Stablecoin分佈的交易所。

根據文件，該公司在2024年的收入中有50％用於Coinbase。 S-1表明，Circle在2024年創造了16.7億美元的收入。

Circle’s new initial public offering (IPO) filing has shed light on its relationship with Coinbase, including the millions paid to the exchange for USDC stablecoin distribution.

Circle的新首次公開募股（IPO）備案揭示了其與Coinbase的關係，包括數百萬支付給USDC Stablecoin分銷的交易所。

According to the filing, over 50% of the firm’s revenue in 2024 went to Coinbase.

根據文件，該公司在2024年的收入中有50％用於Coinbase。

The S-1, a preliminary filing for companies planning to go public, shows that Circle generated $1.67 billion in revenue for 2024. This represents a sizable increase from $1.4 billion in 2023 and $772 million in 2022.

S-1是計劃公開公開的公司的初步申請，表明Circle在2024年的收入中產生了16.7億美元的收入。這是從2023年的14億美元和2022年的7.72億美元增加。

However, the company is doing worse financially as earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 29% to $285 million, and net income also fell by 42% to $155.67 million.

但是，由於利息，稅收，折舊和攤銷（EBITDA）的收益下降了29％，至2.85億美元，因此該公司的財務狀況較差，淨收入也下降了42％，至1.5567億美元。

While many factors caused this, analysts have identified the major problems as Circle’s distribution costs and reliance on Coinbase.

儘管許多因素引起了這一點，但分析師已將主要問題確定為Circle的分配成本以及對Coinbase的依賴。

According to the filing, the USDC issuer spent $1.01 billion in distribution and transaction costs for 2024, beating its expenses in 2023 and 2024.

根據文件，USDC發行人在2024年的分配和交易成本上花費了10.1億美元，超過了2023年和2024年的費用。

Interestingly, Coinbase got most of these funds, receiving $908 million while Binance also got $60.25 million and monthly fees for its partnership with Circle.

有趣的是，Coinbase獲得了其中的大多數資金，獲得了9.08億美元，而Binance也獲得了6025萬美元的收入，並獲得了與Circle合作的每月費用。

The massive amount paid to Coinbase is due to the share of USDC being held on the exchange. The supply of USDC on Coinbase is now 20% of the total USDC in circulation, up from the 5% it was in 2022.

Coinbase支付的大量金額是由於在交易所持有的USDC所佔的份額。 Coinbase上的USDC的供應現在是流通總額的20％，高於2022年的5％。

Although the amount paid to Coinbase is surprising, the two companies have a long relationship. In 2018, they formed the Centre consortium that launched USDC but Circle gained full control of the stablecoin in 2023 when they dissolved the consortium.

儘管支付給Coinbase的金額令人驚訝，但兩家公司的關係很長。 2018年，他們組成了中心財團，該聯盟推出了USDC，但Circle在2023年解散了該財團時對Stablecoin的全面控制。

However, Circle had to pay $210 million in its own stock to buy Coinbase’s stake in Centre, giving the exchange around 8.4 million common shares for the stake. With this relationship, Coinbase stands to be a major beneficiary of Circle’s IPO success.

但是，Circle必須支付自己的股票2.1億美元才能購買Coinbase在中心的股份，並為該股份提供了約840萬股公共股票。有了這種關係，Coinbase將成為Circle IPO成功的主要受益者。

Analysts raise concerns about Circle’s financials

分析師引起了人們對Circle財務的擔憂

Meanwhile, Circle’s IPO filing has put the company in the public eye, with financial analysts raising concerns about its business fundamentals.

同時，Circle的IPO申請使該公司成為了公眾的關注，財務分析師引起了人們對其業務基礎的擔憂。

According to commenters such as the head of digital assets research at VanEck, Matthew Sigel, and Farside Investors, the company’s high distribution costs are a major issue.

根據Vaneck，Matthew Sigel和Farside Investors的數字資產研究負責人的評論者的說法，該公司的高配電成本是一個主要問題。

The massive distribution costs highlight how USDC growth in the past year might be coming at a high price for Circle’s business. USDC has been the fastest-growing stablecoin in the past few months. Its circulating supply increased by 100% in the last 12 months with more than $15 billion this year alone, enough to raise its market cap above $60 billion.

巨大的分銷成本突出了過去一年中USDC的增長如何以高價而產生Circle的業務。在過去的幾個月中，USDC一直是增長最快的Stablecoin。在過去的12個月中，其循環供應量增加了100％，僅今年今年超過150億美元，足以將市值提高到600億美元以上。

Farside Investors also noted the company’s massive spending on compensation and higher-than-expected gross creation and redemption numbers for USDC.

Farside Investors還指出，該公司在薪酬方面的巨大支出和超過預期的USDC的總體創造和贖回數字。

The firm wrote: “The gross creation and redemption numbers are a lot higher than we would have thought for USDC. Gross creations in a year are many multiples higher than the outstanding balance.”

該公司寫道：“總的創造和贖回數量比我們想像的要高得多。一年中的總創造力比傑出的平衡高很多。”