Circle Labs Inc.（USDC）IPO申请阐明了其与Coinbase的关系

S-1是计划公开公开的公司的初步申请，表明Circle在2024年获得了16.7亿美元的收入。

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的新首次公开募股（IPO）申请强调了该公司与Coinbase的关系，揭示了为分发USDC Stablecoin的交换所支付的数百万美元。根据文件，该公司在2024年的收入中有50％用于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是计划公开公开的初步申请，表明Circle在2024年的收入中产生了16.7亿美元的收入。这是从2023年的14亿美元和2022年的7.72亿美元的大幅增长。但是，该公司的财务状况在财务上是在财务上以较差的损失，在利息，折旧，折旧和股票（EBITDA）降低到29％的股票，零售价为收入，降低了29％，降低了29％的收入（EBITDA）。 1.5567亿美元。

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.

尽管许多因素促成了这一点，但分析师将主要问题确定为Circle的分配成本以及对Coinbase的依赖。根据备案，USDC发行人在2024年的分配和交易成本上花费了10.1亿美元，超过了2023年和2024年的费用。

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.

在这些费用中，Coinbase获得了9.08亿美元，而Binance与Circle的合作伙伴关系获得了6025万美元和每月费用。 Coinbase支付的大量金额是由于在交易所持有的USDC所占的份额。 Coinbase上的USDC的供应现在是流通总额的20％，高于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.

尽管为Coinbase支付了令人惊讶的款项，但两家公司仍有长期的关系。 2018年，他们组成了启动USDC的中心财团，但Circle在2023年解散该财团时就完全控制了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必须支付自己的股票2.1亿美元才能购买Coinbase在中心的股份，并为该股份提供了约840万股普通股。有了这种关系，Coinbase将成为Circle IPO成功的主要受益者。

Analysts raise concerns about Circle's financials

分析师引起了人们对Circle财务的担忧

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.

同时，Circle的IPO申请使该公司置于公众的关注，财务分析师对公司业务基本面的评论并引起了人们的担忧。根据Vaneck，Matthew Sigel和Farside Investors的数字资产研究负责人的评论者的说法，该公司的高配电成本是一个主要问题。

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.

巨大的分销成本突出了USDC在过去一年中的增长方式可能会以高价而产生Circle的业务。在过去的几个月中，USDC一直是增长最快的Stablecoin。在过去的12个月中，其循环供应量增加了100％，仅今年今年超过150亿美元，足以将市值提高到600亿美元以上。

Farside Investors also noted the company's massive spending on compensation and higher-than-expected gross creation and redemption numbers for USDC.

Farside Investors还指出，该公司在薪酬方面的巨大支出和超过预期的USDC的总体创造和赎回数字。

The firm wrote:

该公司写道：

"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."

“总体创造和赎回数量比我们想象的要高得多。一年中的总创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

公司的总创建和USDC的赎回数量比我们想象的要高得多

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.

总体创造和赎回数量比我们想象的要高得多。一年中的总创造力比杰出的余额高。我们假设他们能够在未经通知的基础上快速回收这些USDC，但它确实表明了令牌的活动水平。

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，蜻蜓投资分析师奥马尔（Omar）对IPO申请的批评更加严厉，并指出，他没有看到它的潜力将其带给Circle目标的50亿美元。他还指出了分销成本，潜在的放松管制，这将带来更多的竞争对手，以及降低利率的可能性作为公司的逆风。

He said:

他说：

"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的收入是一家刚刚失去其迷你垄断并面对几个逆风的企业，当增长在结构上受到挑战时。在球队涌入之前，感觉就像是冰雹玛丽的流动性。”

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确实承认了其提交中的一些挑战，尤其是分销伙伴的成本和对Coinbase的依赖。该公司提到了Nubank，Mercado Libre和Grab等新的全球合作伙伴。

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.

进一步讨论这一点，Vaneck Venecres普通合伙人Wyatt Lonergan承认，新的合作伙伴关系和Circle是唯一合法地宣称公开声称的Stablecoin公司的地位可能是其优势。但是，分析师对IPO的结果进行了预测。

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

在基本情况下，Circle将驾驶Stablecoin叙述约12个月，找到多元化收入的方法