公共钥匙：Circle Toes IPO系列，MicroStrategy很快可能是3％，Bakkt又回来了

本周：Circle Toes与Coinbase Partnership Debuff的IPO线路，MicroStrategy可能很快成为3％，Bakkt又回来了

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.

公共钥匙是解密的每周一次综述，可跟踪主要交易的加密公司。本周：Circle Toes IPO系列与Coinbase Partnership Debuff，MicroStrategy很快可能是3％，Bakkt又陷入困境，解密记者Matt Di Salvo解释了为什么专家说中型比特币矿工可能需要在接下来的几个月中进行健康检查。

Is Circle in the ring?

圆圈在戒指中吗？

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

USDC发行人Circle在本周早些时候向公开申请后，终于回到了圈。

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.

吸引了投资者眼睛的另一件事是，Crypto Exchange Coinbase有多少收银圈。该交易所获得了所有剩余收入圈的一半，并以现金和类似现金的储备为支持其稳定代币。

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

Ledger Insights的分析师认为，这可能会使该公司成为投资者没有吸引力的赌注。

“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.”

他们写道：“圆圈在2024年的分配成本上花费了超过十亿美元，其中大部分用于Coinbase。” “最大的担忧是这是否可能限制未来的机会。”

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

在撰写本文时，未透露姓名的消息人士告诉彭博社，该公司已经在考虑延迟其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的分析师还指出，在特朗普关税的威胁中，圈子试图在公开场合进行公开位置可能处于困难。

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.

《华尔街日报》更加艰难，报道Circle正在推迟文件，并将推迟IPO的计划。需要明确的是，这并不意味着圈子不会公开；鉴于市场条件以及特朗普关税的迫在眉睫的威胁，现在可能需要更长的时间。

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

也许它试图与Coinbase谈判更有利的协议，以使潜在投资者增稠蜂蜜锅。

Three percenter soon!?

三个百分点很快！？

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.

战略花了四年的时间才获得2100万比特币供应的1％，这是去年这个时候达到的里程碑。然后，到12月，该公司迅速缩小了差距，并拥有2％的供应。

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，战略笨拙的比特币财政部现在占BTC供应量的2.5％。已经达到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，在纳斯达克交易的策略将不得不再增加101,815个比特币才能达到其下一个里程碑。如果Mstr以当前价格缩小这一差距，那将是85亿美元的努力。

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.

这不是问题。该公司去年花费了超过2880亿美元的购买比特币，几乎已经与之匹配了。策略在2025年第一季度花费了2820亿美元的购买比特币。

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.

该公司的528,185 BTC财政部的平均成本为67,458美元，至439亿美元的税率为23.2％的未实现利润。这意味着该战略的比特币库存价值为其729亿美元的市值中的60％。

Bakkt again

再次出现

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

两周前，Bakkt Holdings有个坏消息和好消息。

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.

它的加密服务业务失去了两个最大的客户 - 韦尔布尔和美国银行。但不用担心，Bakkt团队告诉投资者，有一个新的联合首席执行官即将推出Stablecoin服务。

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

好吧，一些投资者认为，Bakkt通过虚假陈述其加密货币收入的稳定性和多样性来违反了法律。

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.

在周三在曼哈顿提起的集体诉讼中，股东声称Bakkt及其官员就该公司的加密货币收入做出了“实质性虚假和/或误导性陈述”。

“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.”

该诉讼说：“ Webull占Bakkt加密服务收入的74％，”该诉讼指出，当时该公司“从加密服务中获得了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.

自去年以来，首席原告Guy Serge A. Frankin一直是Bakkt的真正信徒。自2024年6月以来，他以191,419.82美元的价格收购了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.

这是每股平均成本21.72美元。但是，以目前的股票价格为7.98美元，该股票在BKKT股票下以纽约证券交易所的交易，他的股份持有121,102.06美元的未实现损失。哎哟。

Midsize Bitcoin miner woes

中型比特币矿工困境

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.

随着美国股票和加密货币的售罄，顶级比特币矿业公司的股票也看到了价格急剧下降，特朗普总统的贸易战正在加热。

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

在五天的时间内，美国纳斯达克上市的矿工，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也看到了他们的股价受损，但并不多。