加密貨幣公司Circle的最新IPO提交已揭示

加密貨幣公司Circle最近提交的IPO申請表明，該公司從美元硬幣（USDC）Stablecoin中賺取的錢少於加密貨幣交易所Coinbase。

The recent IPO filing of cryptocurrency firm Circle has revealed that the company makes less money off the USD Coin (USDC) stablecoin than cryptocurrency exchange Coinbase. In fact, Circle's largest expense was $908 million to Coinbase for distribution.

加密貨幣公司Circle最近提交的IPO申請表明，該公司從美元硬幣（USDC）Stablecoin中賺取的錢少於加密貨幣交易所Coinbase。實際上，Circle最大的費用是Coinbase的9.08億美元進行分發。

According to the filing, which was submitted on Thursday with the Securities and Exchange Commission, Circle's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $285 million for 2024. The company's largest expense was $908 million for "net revenue share paid to Coinbase for distribution, after considering USDC rewards."

根據周四向美國證券交易委員會提交的文件，Circle在利息，稅收，折舊和攤銷之前的調整後收益（EBITDA）的2024年為2.85億美元。該公司最大的費用為9.08億美元，用於考慮USDDC的淨收入，用於分配的淨收入淨收入。 ”

The filing also shows that Circle's profits could be slashed by $414 million if the Federal Reserve were to lower interest rates by 200 basis points.

該文件還表明，如果美聯儲將利率降低200個基點，則Circle的利潤可能會被削減4.14億美元。

The stablecoin issuer is applying to list its shares on the New York Stock Exchange under the ticker "NYSE:C."

Stablecoin發行人正在申請根據股票“ NYSE：c”在紐約證券交易所上市的股份。

The company's S-1 is a reminder of Coinbase's (NASDAQ:COIN) power in the crypto ecosystem. In '24, Circle had $1.7b revenue and $285m EBITDA. Impressive financial profile. But its largest expense was $908m for distribution by Coinbase. Net of USDC rewards, Coinbase earns more than double the…pic.twitter.com/8yPLt9SKwW

該公司的S-1提醒著Coinbase（NASDAQ：COIN）的功率，在加密生態系統中。 24年，Circle的收入為1.7B美元和2.85億美元的EBITDA。令人印象深刻的財務狀況。但其最大的費用是通過Coinbase分配的9.08億美元。 USDC獎勵的網，Coinbase的賺取的收入高於…pic.twitter.com/8yplt9skww

— JJ Martin (@JJMartinDM) August 9, 2024

- JJ Martin（@JJMARTINDM）2024年8月9日

Notably, USDC, the second-largest stablecoin by market capitalization, saw impressive growth in 2024, with its circulating supply increasing by more than 78%. Its market cap currently stands at $60 billion, which makes USDC the second-largest stablecoin (only behind Tether's USDT).

值得注意的是，紐約市（USDC）是市值第二大穩定幣，在2024年增長了令人印象深刻的增長，其循環供應量增長了78％以上。目前，其市值為600億美元，這使USDC成為第二大Stablecoin（僅次於Tether的USDT）。

The IPO filing shows that USDC, which was launched by Circle and Coinbase in 2018, has recorded $25 trillion in lifetime on-chain transaction volume, with more than $1 trillion worth of tokens being minted and redeemed since inception. There are also a total of 19 blockchains with native blockchain issuance.

IPO文件顯示，Circle and Coinbase於2018年推出的USDC已記錄了一生的終身交易量為25萬億美元，自從開始以來，造成了價值超過1萬億美元的代幣。總共有19個區塊鏈，並發行本地區塊鏈。

The company has seen strong year-over-year revenue growth, which has more than doubled from 2022 to 2024 ($772 million to nearly $1.7 billion).

該公司的收入同比增長，從2022年到2024年增加了一倍以上（7.72億美元至近17億美元）。

The company secured a $221.6 million profit last year after posting a whopping $758 million loss in 2022 during a brutal bear market.

去年，該公司在殘酷的熊市中損失了7.58億美元的虧損，去年獲得了2.216億美元的利潤。

Circle generates revenue with the help of interest on the reserves that back the popular stablecoin.

Circle在支持流行的Stablecoin的儲備的幫助下產生收入。

Coinbase recently reported its stunning Q4 revenue of $2.3 billion. Transaction fees accounted for the majority of the sum.

Coinbase最近報導了其4 Q4收入為23億美元。交易費用佔該款項的大部分。

Circle's IPO filing comes amid stiffening competition within the sector as other players, such as PayPal (NASDAQ:PYPL) and Ripple, have launched their own highly regulated stablecoin products.

Circle的IPO申請是在該行業內部競爭激烈的競爭中，因為其他玩家（例如PayPal（NASDAQ：PYPL）和Ripple）推出了自己的高度監管的Stablecoin產品。