Circle正在探索與Coinbase或Ripple的銷售

隨著Stablecoin發行人提前推出公開的計劃，它也正在與Coinbase和Ripple談論潛在的收購。

Circle is pressing ahead with plans to go public, but the stablecoin issuer is also exploring the possibility of a sale to either Coinbase (NASDAQ:)or Ripple (NYSE:), Fortune reported on May 19, citing people familiar with the matter.

Circle敦促公開計劃，但Stablecoin發行人也在探索向Coinbase（NASDAQ：）或Ripple（NYSE :)的可能性出售的可能性，5月19日，Fortune在5月19日報導說，這是熟悉此事的人們。

The company filed paperwork in April for a long-awaited initial public offering (IPO) targeting a $5 billion valuation, but informal acquisition talks could alter its path, the report said.

報告稱，該公司於4月份提交了文書工作，該文件針對50億美元的期待已久的首次公開募股（IPO），但非正式的收購會談可能會改變其道路。

Sources said the discussions are still early-stage and exploratory, with no formal offers on the table yet. However, insiders believe Coinbase is the most logical acquirer, given its deep integration with Circle’s USDC stablecoin ecosystem.

消息人士稱，討論仍然是早期和探索性的，桌子上還沒有正式的報價。但是，鑑於Coilt與Circle的USDC Stablecoin生態系統的深入整合，內部人士認為Coinbase是最合乎邏輯的收購方。

Coinbase and Circle’s relationship

Coinbase和Circle的關係

Founded in 2018 through a joint venture called Centre Consortium, Coinbase and Circle were originally co-governors of USDC.

Coinbase和Circle成立於2018年，該合資企業最初是USDC的共同政府。

However, that structure was dissolved in 2023, giving Circle full control of the stablecoin’s governance while granting the exchange an equity stake and a favorable revenue-sharing arrangement.

但是，該結構於2023年解散，在授予交易所股權和有利的收入分享安排的同時，完全控制了穩定的治理。

According to Circle’s S-1 filing, Coinbase and the stablecoin issuer split residual revenue 50/50 from reserves backing USDC. But when USDC is held directly on Coinbase’s platform, the exchange receives 100% of that revenue.

根據Circle的S-1備案，Coinbase和Stablecoin發行人從備用USDC的儲備金分配了50/50的剩餘收入。但是，當USDC直接在Coinbase的平台上舉行時，交易所獲得了100％的收入。

This revenue stream has grown in significance, as Coinbase’s recent earnings showed a notable uptick in income derived from USDC-related activity.

由於Coinbase最近的收入表明，與USDC相關的活動的收入顯著上升，這種收入流的重要性已增強。

The agreement also includes stipulations limiting Circle’s ability to enter into major new USDC-related partnerships without Coinbase’s consent and grants Coinbase partial IP control in the event of Circle’s insolvency.

該協議還包括規定，限制了Circle在未經Coinbase的同意的情況下進入主要新的USDC相關合作夥伴關係的能力，並在Circle的破產中授予Coinbase Partial IP控制。

These provisions suggest a level of interdependence that has led some insiders to view the companies as practically inseparable. A banker familiar with the talks told Fortune that if Coinbase expressed any intention of acquiring the firm, “Circle would sell in a heartbeat.”

這些規定表明了一定程度的相互依存關係，這使一些內部人士認為這些公司實際上是不可分割的。一位熟悉談判的銀行家告訴《財富》，如果Coinbase表示有任何收購公司的意圖，“ Circle將以心跳出售”。

Ripple’s initial bid rebuffed

Ripple的最初出價被拒絕

Ripple Labs also approached Circle with a $4 billion to $5 billion offer, but the stablecoin issuer rejected the bid as too low. Ripple’s offer reportedly included a mix of cash and XRP.

Ripple Labs還以40億美元至50億美元的報價接近Circle，但Stablecoin發行人拒絕了該投標的價格太低。據報導，Ripple的報價包括現金和XRP。

According to its first-quarter XRP Markets Report, Ripple held 4.56 billion XRP, valued at approximately $11.8 billion, on its balance sheet and an additional 37.13 billion XRP (around $95.7 billion) in escrow as of March-end.

根據其第一季度XRP市場的報告，Ripple在資產負債表上持有45.6億XRP，價值約118億美元，截至3月結束時，其資產負債表和額外的371.3億XRP（約957億美元）。

Although Ripple has been active in acquisitions, including its recent $1.25 billion purchase of prime brokerage Hidden Road, insiders suggest Coinbase is better positioned to acquire Circle given its cash reserves and public market access.

儘管Ripple一直活躍於收購中，包括最近購買Prime Brokerage Hidday Road的12.5億美元購買，但內部人士認為，鑑於其現金儲備和公共市場訪問權限，Coinbase可以更好地獲取Circle。

Coinbase, which had $8 billion in cash as of its last quarterly filing, has already completed several acquisitions this year, such as crypto derivatives exchange Deribit for $2.9 billion and the onchain ads platform Spindle.

Coinbase截至上一次季度提交的資金有80億美元的現金，今年已經完成了幾次收購，例如Crypto衍生品交易所以29億美元的價格和OnChain Ads Platform Platformsspindle完成。

Coinbase CEO Brian Armstrong has stated that Coinbase is constantly evaluating M&A opportunities but remains selective due to the complexity of integration.

Coinbase首席執行官Brian Armstrong表示，Coinbase正在不斷評估併購機會，但由於整合的複雜性而保持選擇性。

As of now, Circle remains committed to going public, but one private equity executive told Fortune that the situation could change as things are developing “week by week.”

截至目前，Circle仍致力於公開公開，但是一位私募股權高管告訴《財富》，這種情況可能會隨著“一周逐年發展”的發展而發生變化。