公共鑰匙：Circle Toes IPO系列，MicroStrategy很快可能是3％，Bakkt又回來了

本週：Circle Toes與Coinbase Partnership Debuff的IPO線路，MicroStrategy可能很快成為3％，Bakkt又回來了

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: Circle toes the IPO line with a Coinbase partnership debuff, MicroStrategy could be a 3 percenter soon, Bakkt is back in trouble, and Decrypt reporter Matt Di Salvo explains why experts say midsize Bitcoin miners might need a wellness check in the coming months.

公共鑰匙是解密的每週一次綜述，可跟踪主要交易的加密公司。本週：Circle Toes IPO系列與Coinbase Partnership Debuff，MicroStrategy很快可能是3％，Bakkt又陷入困境，解密記者Matt Di Salvo解釋了為什麼專家說中型比特幣礦工可能需要在接下來的幾個月中進行健康檢查。

Is Circle in the ring?

圓圈在戒指中嗎？

USDC issuer Circle is finally back in the ring after filing to go public earlier this week.

USDC發行人Circle在本週早些時候向公開申請後，終於回到了圈。

Another thing that caught investors’ eyes is just how much of a cash cow Circle has been for crypto exchange Coinbase. The exchange receives half of all the residual revenue Circle makes on the cash and cash-like reserves backing its stablecoin tokens.

吸引了投資者眼睛的另一件事是，Crypto Exchange Coinbase有多少收銀圈。該交易所獲得了所有剩餘收入圈的一半，並以現金和類似現金的儲備為支持其穩定代幣。

Analysts at Ledger Insights posited that this could make the company an unattractive bet for investors.

Ledger Insights的分析師認為，這可能會使該公司成為投資者沒有吸引力的賭注。

“Circle spent more than a billion in 2024 in distribution costs, most of which went to Coinbase,” they wrote. “The biggest concern is whether this might constrain future opportunities.”

他們寫道：“圓圈在2024年的分配成本上花費了超過十億美元，其中大部分用於Coinbase。” “最大的擔憂是這是否可能限制未來的機會。”

At the time of writing, unnamed sources have told Bloomberg that the company is already considering delaying its IPO filing.

在撰寫本文時，未透露姓名的消息人士告訴彭博社，該公司已經在考慮延遲其IPO文件。

Analysts at ValueWalk also noted that Circle might be in a difficult position as it tries to go public amid the threat of Trump tariffs.

Valuewalk的分析師還指出，在特朗普關稅的威脅中，圈子試圖在公開場合進行公開位置可能處於困難。

The Wall Street Journal went harder and reported Circle is delaying filings and will push back plans for an IPO. To be clear, this doesn’t mean Circle won’t be going public; it just might take a little longer now, given market conditions and the looming threat of Trump’s tariffs.

《華爾街日報》更加艱難，報導Circle正在推遲文件，並將推遲IPO的計劃。需要明確的是，這並不意味著圈子不會公開；鑑於市場條件以及特朗普關稅的迫在眉睫的威脅，現在可能需要更長的時間。

Perhaps it’s trying to negotiate a more favorable deal with Coinbase to thicken the honey pot for potential investors.

也許它試圖與Coinbase談判更有利的協議，以使潛在投資者增稠蜂蜜鍋。

Three percenter soon!?

三個百分點很快！ ？

It took four years for Strategy to acquire 1% of the 21 million Bitcoin supply, a milestone it reached this time last year. Then by December, the company had rapidly closed the gap and held 2% of the supply.

戰略花了四年的時間才獲得2100萬比特幣供應的1％，這是去年這個時候達到的里程碑。然後，到12月，該公司迅速縮小了差距，並擁有2％的供應。

As of today, Strategy’s hulking Bitcoin treasury now accounts for 2.5% the BTC supply. It’s already halfway to reaching 3%.

截至今天，戰略笨拙的比特幣財政部現在佔BTC供應量的2.5％。已經達到3％的一半。

Strategy, which trades on the Nasdaq under the MSTR ticker, would have to add another 101,815 Bitcoin to reach its next milestone. If MSTR were to close that gap at current prices, it would be an $8.5 billion endeavor.

在MSTR股票下，在納斯達克交易的策略將不得不再增加101,815個比特幣才能達到其下一個里程碑。如果Mstr以當前價格縮小這一差距，那將是85億美元的努力。

It’s not out of the question. The company spent more than $288 billion buying Bitcoin last year and has nearly matched that already. Strategy had spent $282 billion buying Bitcoin in the first quarter of 2025.

這不是問題。該公司去年花費了超過2880億美元的購買比特幣，幾乎已經與之匹配了。策略在2025年第一季度花費了2820億美元的購買比特幣。

The company’s 528,185 BTC treasury was acquired for an average cost of $67,458 and—at $43.9 billion—carries a 23.2% unrealized profit. That means that Strategy’s Bitcoin stockpile is worth 60% of its $72.9 billion market capitalization.

該公司的528,185 BTC財政部的平均成本為67,458美元，至439億美元的稅率為23.2％的未實現利潤。這意味著該戰略的比特幣庫存價值為其729億美元的市值中的60％。

Bakkt again

再次出現

Two weeks ago Bakkt Holdings had bad news and good news.

兩週前，Bakkt Holdings有個壞消息和好消息。

Its crypto services business had lost two of its biggest clients—Webull and Bank of America. But not to worry, the Bakkt team told investors, there’s a new co-CEO coming in to launch a stablecoin service.

它的加密服務業務失去了兩個最大的客戶 - 韋爾布爾和美國銀行。但不用擔心，Bakkt團隊告訴投資者，有一個新的聯合首席執行官即將推出Stablecoin服務。

Well, some investors think Bakkt broke the law by misrepresenting the stability and diversity of its crypto revenue.

好吧，一些投資者認為，Bakkt通過虛假陳述其加密貨幣收入的穩定性和多樣性來違反了法律。

In a class action lawsuit filed Wednesday in Manhattan, shareholders are claiming Bakkt and its officers made “materially false and/or misleading statements” about the company’s crypto revenue.

在周三在曼哈頓提起的集體訴訟中，股東聲稱Bakkt及其官員就該公司的加密貨幣收入做出了“實質性虛假和/或誤導性陳述”。

“Webull made up 74% of Bakkt’s crypto services revenue,” the lawsuit said, noting that at the time the company “derived 98% of its revenue from crypto services.”

該訴訟說：“ Webull佔Bakkt加密服務收入的74％，”該訴訟指出，當時該公司“從加密服務中獲得了98％的收入”。

The lead plaintiff, Guy Serge A. Frankin, had been a true believer in Bakkt since last year. Since June 2024, he’s acquired 8,812 shares for $191,419.82.

自去年以來，首席原告Guy Serge A. Frankin一直是Bakkt的真正信徒。自2024年6月以來，他以191,419.82美元的價格收購了8,812股。

That’s an average cost per share of $21.72. But at the current $7.98 price for the stock, which trades on the NYSE under the BKKT ticker, his holdings are sitting on a $121,102.06 unrealized loss. Ouch.

這是每股平均成本21.72美元。但是，以目前的股票價格為7.98美元，該股票在BKKT股票下以紐約證券交易所的交易，他的股份持有121,102.06美元的未實現損失。哎喲。

Midsize Bitcoin miner woes

中型比特幣礦工困境

As U.S. equities and crypto experience a sell-off, the shares of top Bitcoin mining companies have also seen a sharp decline in price with President Trump’s trade war heating up.

隨著美國股票和加密貨幣的售罄，頂級比特幣礦業公司的股票也看到了價格急劇下降，特朗普總統的貿易戰正在加熱。

American Nasdaq-listed miners such as MARA, Riot Platforms, and Bitdeer have all dropped by 9-13% over a five-day period.

在五天的時間內，美國納斯達克上市的礦工，例如Mara，Riot Platforms和Bitdeer都下降了9-13％。

Hive Digital, Cleanspark, and Core Scientific have also seen their share prices suffer—but not by as much.

Hive Digital，CleanSpark和Core Scientific也看到了他們的股價受損，但並不多。