Circle Labs Inc.（USDC）IPO申請闡明了其與Coinbase的關係

S-1是計劃公開公開的公司的初步申請，表明Circle在2024年獲得了16.7億美元的收入。

Circle's new initial public offering (IPO) filing has highlighted the company's relationship with Coinbase, revealing the millions paid to the exchange for distributing the USDC stablecoin. Over 50% of the firm's revenue in 2024 went to Coinbase, according to the filing.

Circle的新首次公開募股（IPO）申請強調了該公司與Coinbase的關係，揭示了為分發USDC Stablecoin的交換所支付的數百萬美元。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 is a significant increase from $1.4 billion in 2023 and $772 million in 2022. 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.

S-1是計劃公開公開的初步申請，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7.72億美元的大幅增長。但是，該公司的財務狀況在財務上是在財務上以較差的損失，在利息，折舊，折舊和股票（EBITDA）降低到29％的股票，零售價為收入，降低了29％，降低了29％的收入（EBITDA）。 1.5567億美元。

While many factors contributed to this, analysts have identified the major problems as Circle's distribution costs and reliance on Coinbase. According to the filing, the USDC issuer spent $1.01 billion in distribution and transaction costs for 2024, exceeding its expenses in 2023 and 2024.

儘管許多因素促成了這一點，但分析師將主要問題確定為Circle的分配成本以及對Coinbase的依賴。根據備案，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。

Out of these costs, Coinbase received $908 million, while Binance got $60.25 million and monthly fees for its partnership with Circle. 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 5% in 2022.

在這些費用中，Coinbase獲得了9.08億美元，而Binance與Circle的合作夥伴關係獲得了6025萬美元和每月費用。 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％。

Despite the surprising sum paid to Coinbase, the two companies have a long-standing 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.

儘管為Coinbase支付了令人驚訝的款項，但兩家公司仍有長期的關係。 2018年，他們組成了啟動USDC的中心財團，但Circle在2023年解散該財團時就完全控制了Stablecoin。

However, Circle had to pay $210 million in its own stock to buy Coinbase's stake in Centre, giving the exchange about 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840萬股普通股。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 commenting and raising concerns about the company's business fundamentals. According to the 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.

同時，Circle的IPO申請使該公司置於公眾的關注，財務分析師對公司業務基本面的評論並引起了人們的擔憂。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's 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USDC在過去一年中的增長方式可能會以高價而產生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:

該公司寫道：

"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."

“總體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出色的平衡高很多。”

The firm’s gross creation and redemption numbers for USDC are a lot higher than we would have thought for USDC

公司的總創建和USDC的贖回數量比我們想像的要高得多

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. We assume that they are able to quickly recycle those USDC on an unannounced basis but it does speak to the level of activity in the token.

總體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餘額高。我們假設他們能夠在未經通知的基礎上快速回收這些USDC，但它確實表明了令牌的活動水平。

Moreover, Dragonfly investment analyst Omar had a more scathing criticism of the IPO filing, noting that he does not see the potential of it going to the $5 billion that Circle is aiming for. He also pointed out the distribution costs, the potential deregulation which will bring in more competitors, and the likelihood of interest rate cuts as headwinds for the company.

此外，蜻蜓投資分析師奧馬爾（Omar）對IPO申請的批評更加嚴厲，並指出，他沒有看到它的潛力將其帶給Circle目標的50億美元。他還指出了分銷成本，潛在的放鬆管制，這將帶來更多的競爭對手，以及降低利率的可能性作為公司的逆風。

He said:

他說：

"32x ’24 earnings for a business that just lost its mini-monopoly and facing several headwinds is expensive when growth structurally challenged. feels like a hail mary for some liquidity before the squad rolls in."

“ 32x '24的收入是一家剛剛失去其迷你壟斷並面對幾個逆風的企業，當增長在結構上受到挑戰時。在球隊湧入之前，感覺就像是冰雹瑪麗的流動性。”

However, Circle did acknowledge some of these challenges in its filing, particularly the cost of distribution partners and reliance on Coinbase. The firm mentioned new global partners such as Nubank, Mercado Libre, and Grab.

但是，Circle確實承認了其提交中的一些挑戰，尤其是分銷夥伴的成本和對Coinbase的依賴。該公司提到了Nubank，Mercado Libre和Grab等新的全球合作夥伴。

Discussing this further, VanEck Ventures general partner Wyatt Lonergan admitted that new partnerships and Circle's status as the only stablecoin firm with a legitimate claim to go public could be its advantage. Nonetheless, the analyst made predictions on how the IPO could turn out.

進一步討論這一點，Vaneck Venecres普通合夥人Wyatt Lonergan承認，新的合作夥伴關係和Circle是唯一合法地宣稱公開聲稱的Stablecoin公司的地位可能是其優勢。但是，分析師對IPO的結果進行了預測。

In the base case scenario, Circle will ride the stablecoin narrative for about 12 months, find ways to diversify revenue

在基本情況下，Circle將駕駛Stablecoin敘述約12個月，找到多元化收入的方法