USD Coin（USDC）的发行人Circle Internet Financial已申请IPO

USD Coin（USDC）的发行人Circle Internet Financial已向分析师对公司盈利能力的关注提出了首次公开募股（IPO）。

Circle Internet Financial, the issuer of USD Coin (USDC), has filed for an initial public offering (IPO) amid analyst concerns over the company’s profitability.

USD Coin（USDC）的发行人Circle Internet Financial已向分析师对公司盈利能力的关注提出了首次公开募股（IPO）。

The firm submitted an S-1 form to the Securities and Exchange Commission (SEC) yesterday, which, if approved, will see the company’s stock trade on the New York Stock Exchange under the symbol “CRCL.”

该公司昨天向美国证券交易委员会（SEC）提交了S-1表格，如果获得批准，该表格将在纽约证券交易所的股票交易中以“ CRCL”为单位。

Not USDC Issuer’s First Attempt To Go Public

不是USDC发行人首次尝试公开尝试

Circle, the issuer of the second-largest stablecoin by market capitalization, has been trying to go public since 2021. Its first attempt was a SPAC merger, which failed because the company did not complete the SEC’s “qualification in time,” said CEO Jeremy Allaire.

首席执行官杰里米·阿雷尔（Jeremy Allaire）表示，凯西（Circle）是第二大稳定币的发行人，按市值开始，自2021年以来一直试图公开。其首次尝试是SPAC合并，因为该公司没有完成SEC的“及时资格”，因此失败了。

According to Allaire, the SEC decided not to sign off on the company’s plans by the deadline. However, this claim is disputed by Circle.

据Allaire称，SEC决定不在截止日期之前签署公司的计划。但是，这一主张是由圈子提出的。

The firm then tried a different approach for its second attempt, filing a draft registration for an initial public offering with the SEC in January last year. This process dragged on due to the regulator’s hostile stance towards the crypto industry under former Chair Gary Gensler.

然后，该公司尝试了另一种尝试的方法，并于去年1月向SEC提交了首次公开募股的注册草案。由于监管机构对加密工业的敌对立场，前主席加里·金斯勒（Gary Gensler）对加密货币产业的敌意立场拖延了下来。

Analysts Highlight Profitability Concerns

分析师强调盈利能力问题

While Circle’s move to file for an IPO marks a significant moment for the entire crypto industry, analysts have raised concerns regarding the company’s long-term prospects.

尽管Circle提出IPO的提交是整个加密货币行业的重要时刻，但分析师对公司的长期前景提出了担忧。

The company’s filing revealed 2024 revenues of $1.67 billion. While this is a notable increase compared to previous years, a closer examination shows challenges for the company.

该公司的文件显示，2024年收入为16.7亿美元。尽管与往年相比，这是显着的增长，但仔细检查显示了公司面临的挑战。

VanEck’s Head of Digital Asset Research Matthew Sigel noted that Circle’s earnings before interest, taxes, depreciation and amortization (EBITDA) declined by 29%. Additionally, the company’s net income has dropped 42%.

Vaneck的数字资产研究负责人Matthew Sigel指出，在利息，税收，折旧和摊销（EBITDA）之前，Circle的收入下降了29％。此外，该公司的净收入下降了42％。

$1.7B revenues (+16% y/y)$285M EBIDTA (-29% y/y)$155M Net Income (-42%)pic.twitter.com toпамивчитель

$ 1.7B的收入（+16％y/y）$ 2.85亿美元（-29％y/y）1.55亿美元净收入（-42％）pic.twitter.com topamiv。

— matthew sigel, recovering CFA (@matthew_sigel) April 1, 2025

- Matthew Sigel，恢复CFA（@matthew_sigel）2025年4月1日

Sigel attributed the decline in net income to rapid expansion, expensive service integrations as well as the discontinuation of revenue streams, including Circle Yield.

Sigel将净收入的下降归因于快速扩张，昂贵的服务整合以及收入流的停用，包括圆收益。

Agora CEO and co-founder Nick van Eck also noted in an April 1 X post that leading US crypto exchange Coinbase makes more money off of USDC than Circle does.

Agora首席执行官兼联合创始人尼克·范·埃克（Nick van Eck）在4月1日的帖子中还指出，领导美国加密交易所Coinbase从USDC中赚取的钱超过了Circle。