據報導，Coinbase有興趣以$ 5B的價格收購Circle

Fortune報告說，加密貨幣交易所Coinbase有興趣以50億美元的Pricetag獲取USDC Stablecoin發行人圈子

Cryptocurrency exchange Coinbase (NASDAQ:) is interested in acquiring USDC stablecoin issuer Circle with a $5 billion price tag, according to Fortune, citing bankers familiar with the matter.

據《財富》報導，加密貨幣交易所Coinbase（NASDAQ :)有興趣以50億美元的價格收購USDC Stablecoin發行人圈子，並引用了熟悉此事的銀行家的說法。

This follows Bloomberg’s April report that Ripple (NYSE:) had made a $4-$5 billion bid that was rejected.

這是在彭博社4月份的報告中報導說，Ripple（NYSE ：）進行了4-50億美元的競標，被拒絕了。

Circle published its prospectus to list its stock on April 1, the day before President Trump announced comprehensive tariffs that shocked markets. This marks Circle’s second attempt to go public after abandoning a SPAC merger in 2022 following the collapse of FTX.

Circle發表了其招股說明書，於4月1日列出其股票，即特朗普總統宣布震驚市場的全面關稅的前一天。這標誌著Circle在FTX崩潰後在2022年放棄了SPAC合併後的第二次公開嘗試。

“If Coinbase wanted to buy them, Circle would sell in a heartbeat,” one banker told Fortune.

一位銀行家告訴《財富》：“如果Coinbase想購買它們，Circle將出售。”

A spokesperson for Circle responded to the magazine by saying the company is pursuing its IPO.

Circle的發言人對該雜誌做出了回應，稱該公司正在進行IPO。

Meanwhile, Coinbase CEO Brian Armstrong recently told Bloomberg that Circle’s IPO wouldn’t affect their revenue sharing deal, discussing any future potential acquisition by saying, “in terms of other deals we might consider in the future, I mean, that, of course, would be up to them and us, but, you know, nothing to announce today.”

同時，Coinbase首席執行官Brian Armstrong最近告訴彭博社，Circle的IPO不會影響他們的收入分享協議，並通過說：“就我們將來可能考慮的其他交易而言，我的意思是，我當然會取決於他們和我們，但您知道，您知道，您知道，您知道，您知道，今天就不得不宣布。”

Coinbase and Circle have a complex partnership history, having jointly founded the Centre Consortium in 2018 to govern the USDC stablecoin. While Centre was later disbanded, the two companies maintained a revenue sharing agreement, which has become financially significant for both firms.

Coinbase和Circle具有復雜的伙伴關係歷史，並於2018年共同建立了中心財團來管理USDC Stablecoin。雖然中心後來解散，但兩家公司維持了一項收入分享協議，這對兩家公司都在財務上意義重大。

This revenue sharing arrangement could potentially impact Circle’s IPO valuation. Coinbase receives a substantial portion of the interest income generated from the reserves backing USDC, which amounted to $910 million in revenue for Coinbase in 2024 alone. For Circle, this partnership represents both a strength in distribution and a weakness in weighing on its profit potential.

這種收入共享安排可能會影響Circle的IPO估值。 Coinbase獲得了支持USDC的儲備金產生的利息收入的很大一部分，僅2024年，Coinbase的收入為9.1億美元。對於Circle而言，這種夥伴關係既代表了分配的力量，又代表了權衡其利潤潛力的弱點。

The acquisition battle between Coinbase and Ripple presents interesting strategic considerations. For Coinbase, acquiring Circle would secure an important revenue stream and strengthen its position in the stablecoin market. Coinbase has deeper financial resources, with approximately $8 billion in cash on its balance sheet, enabling it to structure a deal with a significant cash component. Plus its stock is a member of the S&P 500 which might be more attractive than the XRP cryptocurrency where the price is more volatile.

Coinbase和Ripple之間的收購戰提出了有趣的戰略考慮因素。對於Coinbase而言，收購Circle將獲得重要的收入來源並加強其在Stablecoin市場中的地位。 Coinbase擁有更深層次的財務資源，其資產負債表上擁有約80億美元的現金，使其能夠與大量現金部分結構交易。再加上其股票是標準普爾500指數的成員，它可能比XRP加密貨幣更具吸引力，而XRP加密貨幣的價格更加波動。

For Ripple, acquiring Circle would enhance its cross-border payment capabilities, building on its existing infrastructure. Ripple’s strategic interest in stablecoins is evidenced by its own stablecoin plus recent partnerships that will enable FX, including with Societe Generale (EPA:) FORGE to issue EURCV on XRP Ledger and today’s announcement that StraitsX will issue a Singapore dollar stablecoin on the same platform.

對於Ripple來說，收購圓圈將增強其在現有基礎架構建立的跨境支付功能。 Ripple對Stablecoins的戰略興趣得到了其自己的Stablecoin以及最近的合作夥伴關係的證明，這些合作夥伴將使FX能夠與Societe Generale（EPA ：） Forge（EPA :)在XRP Ledger上發行EURCV，以及今天宣布Straitsx將在同一平台上發布新加坡Dollar Stablecoin。

However, Ripple faces financial constraints that Coinbase does not. Converting large amounts of XRP to fund an acquisition could negatively impact XRP’s price, as previously noted.

但是，Ripple面臨著Coinbase所沒有的財務限制。如前所述，將大量XRP轉換為資助收購可能會對XRP的價格產生負面影響。

Timing presents challenges for both potential acquirers, but more so for Coinbase. As covered by Token Economy, Ripple recently committed $1.25 billion to acquire Hidden Road, while Coinbase agreed to purchase Deribit for $2.9 billion and is managing fallout from a customer data breach that may require up to $400 million in compensation costs.

時間安排給兩個潛在的收購方帶來了挑戰，但對於Coinbase而言，這是更多的。正如令牌經濟所涵蓋的那樣，Ripple最近承諾了12.5億美元以獲取隱藏的道路，而Coinbase同意以29億美元的價格購買Deribit，並從客戶數據洩露方面進行了影響，這可能需要高達4億美元的薪酬成本。

These concurrent developments raise questions about management bandwidth and financial capacity for either company to pursue another major acquisition. For Circle, the timing of its IPO attempt amid market volatility presents its own challenges, potentially making an acquisition offer more attractive if the public listing faces headwinds.

這些並發的發展引起了有關任何一家公司進行另一個重大收購的管理帶寬和財務能力的疑問。對於Circle而言，在市場波動率提出了自己的挑戰之中，其IPO嘗試的時間安排可能會使收購的可能性更具吸引力，如果公眾上市面臨逆風。

As the situation unfolds, the outcome will significantly impact the stablecoin market, particularly USDC’s position as the second-largest stablecoin by market capitalization. Whether Circle remains independent or joins forces with either Coinbase or Ripple will shape the competitive landscape in the rapidly evolving digital asset ecosystem.

隨著情況的發展，結果將顯著影響Stablecoin市場，尤其是USDC作為市值的第二大穩定股的地位。 Circle是獨立的還是與Coinbase或Ripple一起加入部隊將在快速發展的數字資產生態系統中塑造競爭格局。