Coinbase（Coin）通過收購USDC Stablecoin背後的公司來擴展其帝國

正如《財富》（Fortune）的報導，在USDC Stablecoin背後的公司（Circle Internet Financial）報導的那樣

In a move that has significant implications for the cryptocurrency industry, Circle Internet Financial, the company behind the USDC stablecoin, filed paperwork early April to advance toward a long-anticipated initial public offering (IPO), as reported by Fortune. However, despite this, insider chatter suggests the IPO may not materialize as planned.

據《財富》報導，《財富》報導的《財富報》報導的是，在對加密貨幣行業具有重大影響的舉動中，歐元互聯網財務公司（Circle Internet Financial）在4月初提交了文書工作，朝著長期以來的持續期待的首次公開募股（IPO）邁進。但是，儘管如此，Insider Chatter認為IPO可能無法按計劃實現。

According to four banking and private equity insiders who spoke anonymously due to the sensitive nature of the discussions, Circle has been informally exploring a potential sale to Coinbase Global, the leading U.S.-based cryptocurrency exchange, or Ripple, the crypto payments powerhouse.

根據討論的敏感性，匿名發言的四名銀行和私募股權內部人士稱，Circle一直在非正式地探索向總部位於美國領先的加密貨幣交易所Coinbase Global或Cripple的Coinbase Global的潛在銷售，或Crypto Payments Powermane。

Circle Targets a $5 Billion Valuation

Circle的估值為50億美元

Circle is aiming for a minimum $5 billion valuation, aligning with its goals for going public. One of the bankers familiar with the negotiations candidly remarked, “If Coinbase wanted to acquire them, Circle would agree in a heartbeat.” Another source added that the situation is fluid and subject to rapid change.

Circle的目標是至少估值50億美元，與公開的目標保持一致。一位熟悉談判的銀行家坦率地說：“如果Coinbase想獲得他們，Circle將同意心跳。”另一位消息人士補充說，這種情況是流動的，並且會發生快速變化。

Despite these behind-the-scenes talks, Circle remains firmly committed to going public. The company formally filed its S-1 registration with the SEC in April, but details like the IPO’s terms and the launch of the investor roadshow are still pending. When reached for comment, Circle emphasized in an email to Fortune that “Circle is not for sale. Our long-term goals remain the same.” Meanwhile, both Coinbase and Ripple did not respond to requests for comment.

儘管進行了這些幕後談判，但Circle仍然堅定地公開承諾。該公司於4月正式向SEC提交了S-1註冊，但是諸如IPO條款和投資者路演的啟動之類的詳細信息仍在審理中。當發表評論時，Circle在一封電子郵件中強調了“ Circle不出售。我們的長期目標保持不變。”同時，Coinbase和Ripple都沒有回應置評請求。

A Deepening Coinbase-Circle Relationship

加深的共插圈關係

The connection between Coinbase and Circle dates back to 2018 when they co-founded the Centre Consortium to issue USDC. That partnership formally concluded in 2023, with Coinbase acquiring an equity stake in Circle while Circle took full control over USDC’s governance. Notably, they continue to split the income generated from USDC reserves—a relationship heavily tilted in Coinbase’s favor.

Coinbase和Circle之間的聯繫可以追溯到2018年，當時他們共同創立了中心財團頒發USDC。該合作夥伴關係在2023年正式結論，Coinbase獲得了Circle的股權，而Circle完全控制了USDC的治理。值得注意的是，他們繼續分裂從USDC儲備中產生的收入，這一關係傾向於Coinbase的支持。

According to Circle’s S-1 filing, the two firms equally divide residual revenue from the reserves backing USDC. However, Coinbase pockets 100% of the revenue when USDC is custodied directly on its platform, a trend that’s been on the rise, as reflected in Coinbase’s latest earnings reports. These reports show a noticeable boost in income derived from the USDC partnership, fueled partly by the expansion of the overall stablecoin market.

根據Circle的S-1備案，這兩家公司同樣將剩餘收入與支持USDC的儲備金分開。但是，當USDC直接在其平台上拘留時，Coinbase口袋的收入100％，這一趨勢正在上升，正如Coinbase最新的收益報告所反映的那樣。這些報告表明，從USDC合作夥伴關係中獲得的收入明顯提高，這部分是由於整個Stablecoin市場的擴展所推動的。

Beyond revenue sharing, the current agreement hands Coinbase significant influence over Circle’s operations. For example, Circle is barred from entering any new third-party deals that could affect Coinbase’s USDC revenue without prior approval. If Circle becomes insolvent, Coinbase would gain control over some of Circle’s intellectual property assets. For these reasons, many insiders view Coinbase as the most natural suitor for Circle, with one banking executive even joking, “It feels like they’re one company.”

除了收入共享之外，目前的協議將對Circle的業務進行重大影響。例如，禁止Circle進入任何可能影響Coinbase USDC收入未經事先批准的新的第三方交易。如果Circle變得無力償債，Coinbase將對Circle的某些知識產權資產進行控制。由於這些原因，許多內部人士將Coinbase視為Circle最自然的求婚者，一位銀行主管甚至開玩笑說：“感覺就像是一家公司。”

Ripple’s Bid and Financial Firepower

Ripple的出價和財務火力

Ripple, however, is no minor contender. Armed with a substantial war chest, Ripple reportedly offered between $4 billion and $5 billion to acquire Circle—a bid Circle ultimately declined, considering it undervalued the company. Bloomberg reported this in April and has since been independently verified by Fortune.

但是，波紋不是次要的競爭者。據報導，帶有大量的戰爭箱，據報導，它提供了40億至50億美元的收購圈子，這是一個競標圈最終下降，考慮到該公司被低估了該公司。彭博社在4月份報告了這一點，此後已通過《財富》（Fortune）獨立核實。

Ripple’s offer would likely combine XRP, the native cryptocurrency it developed, alongside cash. According to Ripple’s Q1 2025 XRP Markets Report, the firm holds about 4.56 billion XRP (valued at approximately $11.77 billion) and another 37.13 billion XRP ($95.7 billion) in escrow as of March 31.

Ripple的報價可能將XRP（它開發的本地加密貨幣）與現金結合在一起。根據Ripple的第1季度2025 XRP市場報告，該公司持有約45.6億XRP（價值約117.7億美元），截至3月31日，該公司持有託管的371.3億XRP（957億美元）。

We are on twitter, follow us to connect with us :- @TimesTabloid1

我們在Twitter上，關注我們與我們聯繫： - @timestabloid1

— Times Tabloid (@TimesTabloid1) July 15, 2023

- 時代小報（@timestabloid1）2023年7月15日

However, Coinbase can wield a more diversified arsenal, with $8 billion in cash on its balance sheet as of its March 31 10Q filing. As a publicly traded company, Coinbase may raise additional capital through debt issuance or stock offerings. One banker familiar with the situation commented that although Ripple’s balance sheet is “pretty meaningful,” Coinbase’s position as a public company gives it an edge in the eyes of many investors.

但是，Coinbase可以使用更多元化的武器庫，截至3月31日10Q文件，其資產負債表上有80億美元的現金。作為一家公開交易的公司，Coinbase可以通過發行債務或股票籌集額外的資本。一位熟悉這種情況的銀行家評論說，儘管Ripple的資產負債表“相當有意義”，但Coinbase作為上市公司的地位使其在許多投資者眼中的優勢。

When questioned about the possibility of acquiring Circle, Coinbase CEO Brian Armstrong told Bloomberg on May 14 that he remains enthusiastic about Circle’s success. While the IPO does not impact the companies’ existing commercial relationship, Armstrong acknowledged that future deals remain open-ended, though there was “nothing to announce today.” Armstrong highlighted Coinbase’s cautious M&A strategy, noting that while they have the financial resources, the real challenge is integrating acquired companies.

當詢問獲得圈子的可能性時，Coinbase首席執行官Brian Armstrong於5月14日對彭博社說，他對Circle的成功仍然充滿熱情。儘管IPO不影響公司現有的商業關係，但阿姆斯特朗承認未來的交易仍然開放，儘管“今天沒有什麼可宣布的”。阿姆斯特朗（Armstrong）強調了Coinbase謹慎的併購策略，並指出，儘管他們擁有財務資源，但真正的挑戰是整合被收購的公司。

IPO Momentum and Broader Market Context

IPO動量和更廣泛的市場環境

Interestingly, Coinbase has been basking in market success, particularly after news broke that it would join the S&P 500 on May 19. That announcement propelled Coinbase shares to surge over 25% last week, although the stock remains below its December 52-week high of $349.75. By Monday afternoon, Coinbase was trading around $2

有趣的是，Coinbase一直在市場上獲得成功，尤其是在有消息傳出將於5月19日加入標準普爾500標準普爾500號之後。該公告推動了上週的Coinbase股票增長超過25％，儘管該股票仍低於其12月52周高的349.75美元。到星期一下午，Coinbase交易約2美元