Circle的IPO申请引起了对其比特币战略和更广泛的财务稳定的批评

该公司以发行USDC Stablecoin而闻名，其最近的文件揭示了详细信息，这些细节引起了整个加密货币空间的怀疑。

Circle’s initial public offering (IPO) filing has drawn sharp criticism from industry insiders, who question its Bitcoin strategy and broader financial stability.

Circle的首次公开募股（IPO）申请引起了行业内部人士的尖锐批评，他们质疑其比特币战略和更广泛的财务稳定性。

While the company is best known for issuing the USDC stablecoin, its recent filings have revealed details that have prompted skepticism across the crypto space.

虽然该公司以发行USDC Stablecoin而闻名，但其最近的文件显示了详细信息，这些细节引起了加密货币空间的怀疑。

Heavy on altcoins, light on Bitcoin and Ethereum

重心的山寨币，对比特币和以太坊点亮

Circle’s crypto holdings show a surprising position heavily skewed toward altcoins over Bitcoin (BTC) and Ether (ETH).

Circle的加密货币持有量在比特币（BTC）和Ether（ETH）上倾斜的偏向偏差，表现出令人惊讶的位置。

As of Dec. 31, 2024, the company held just 73 BTC, valued at roughly $6.78 million, and 1,746 ETH, for a total of about $5.82 million.

截至2024年12月31日，该公司仅持有73 BTC，价值约678万美元和1,746 ETH，总计约582万美元。

These figures are notably small, especially compared to Tether’s 92,000 BTC, which is valued at approximately $7.64 billion and ranks among the top six Bitcoin holdings globally.

这些数字显着很小，尤其是与Tether的92,000 BTC相比，该数字的价值约为76.4亿美元，并且在全球前六个比特币控股中排名。

Instead, Circle appears to be focused more heavily on emerging blockchains. Its altcoin portfolio includes 6.25 million Sei tokens, 2.3 million Sui tokens, and over 867,000 Optimism tokens. In addition, the firm owns over 217,000 Aptos tokens and other unspecified digital assets that contribute $3.37 million to the portfolio.

取而代之的是，圆圈似乎更集中在新兴的区块链上。它的Altcoin投资组合包括625万个SEI令牌，230万个SUI令牌和超过867,000个乐观令牌。此外，该公司拥有超过217,000个Aptos代币和其他未指定的数字资产，这些资产为投资组合贡献了337万美元。

The combined fair value of these assets, $18.7 million, significantly outpaces its Bitcoin and Ethereum allocations.

这些资产的合并价值（1,870万美元）大大超过了比特币和以太坊分配。

This strategy has led some to question Circle’s long-term confidence in Bitcoin and Ethereum. While it may reflect optimism around emerging ecosystems, many see it as a risky move that could backfire, further cutting into Circle’s credibility.

这一策略使一些人质疑Circle对比特币和以太坊的长期信心。尽管它可能反映出围绕新兴生态系统的乐观情绪，但许多人认为这是一个可能适得其反的风险举动，进一步削弱了Circle的信誉。

Richard Heart, the founder of HEX, expressed surprise at the small size of Circle’s Bitcoin and Ethereum positions.

Hex的创始人Richard Heart对Circle的比特币和以太坊位置的小规模表示惊讶。

“Circle, the company of USDC fame, had $7M of Bitcoin and $6M of Ethereum Dec 31, 2024. That’s a very small crypto holding for a company of their size and a year-to-date loss of $4M on these two coins alone. Some companies & people doing well are better for Bitcoin and Ethereum price than others. Honor them and show them respect,” Heart said.

“ Circle是USDC成名的公司，拥有700万美元的比特币和600万美元的以太坊，2024年12月31日。这是一个很小的加密货币，仅对他们的大小的公司而言，仅在这两个硬币上损失了400万美元。一些公司和某些公司和其他人的比特币和以太币的价格更好。比特币和以太币的价格更好。

Circle’s valuation subject to scrutiny

圈子的估值受到审查

Besides its paltry Bitcoin and Ethereum holdings, industry insiders are also examining Circle’s financial disclosures closely.

除了其微不足道的比特币和以太坊持有量外，行业内部人士还密切检查了Circle的财务披露。

Omar Kanji, a partner at Dragonfly, took to X, formerly known as Twitter, to criticize Circle’s IPO filing, questioning how the company justifies a $5 billion valuation.

Dragonfly的合伙人Omar Kanji批评Circle的IPO文件，质疑该公司如何以50亿美元的估值合理。

He highlighted several issues, including ballooning compensation costs of $250 million annually and $140 million in general expenses.

他强调了几个问题，包括每年的薪酬成本为2.5亿美元和1.4亿美元的一般费用。

Kanji went on to mention that Circle’s revenue model is heavily reliant on interest rates, which have likely peaked, putting further pressure on its core revenue stream.

汉字继续提到，Circle的收入模式在很大程度上依赖于利率，这些利率可能达到了顶峰，这给其核心收入流带来了进一步的压力。

Concluding his thoughts, Kanji stated that the IPO might be a desperate bid for liquidity, deeming Circle’s business model structurally flawed.

汉吉（Kanji）结论说，IPO可能是对流动性的绝望，认为Circle的商业模式在结构上存在缺陷。

Finally, considering Coinbase’s significant share in USDC-related revenue, Kanji believes it could make a move to acquire Circle post-IPO if its stock price struggles.

最后，考虑到Coinbase在与USDC相关的收入方面的重要份额，汉字认为，如果其股价挣扎，它可以采取行动获得IPO圈子。

Estimating that Coinbase nets nearly $900 million out of Circle’s $1 billion income from USDC, highlighting the dependency, especially if the IPO flops.

估计Coinbase在Circle的10亿美元收入中净获得了近9亿美元的收入，突出了依赖性，尤其是在IPO失败的情况下。

suggesting that if the IPO doesn't go well, or if Circle's stock price struggles, Coinbase could swoop in and acquire the company. He also mentioned that there might be a bidding war emerging, with Ripple potentially joining the fray at a valuation between $15 billion and $20 billion.

建议如果IPO进行得不好，或者如果Circle的股价挣扎，Coinbase可以涌入并收购公司。他还提到可能会出现一场竞标战，而波纹可能会以150亿至200亿美元的估值加入竞争。

This would make for an interesting twist in the ongoing saga of the crypto industry's competitive landscape. It will be interesting to see how these events unfold and what impact they will have on the broader cryptocurrency market.

这将使加密货币行业竞争景观的持续传奇变得有趣。看到这些事件如何展开以及它们将对更广泛的加密货币市场产生什么影响将很有趣。