Circle正在探索与Coinbase或Ripple的销售

随着Stablecoin发行人提前推出公开的计划，它也正在与Coinbase和Ripple谈论潜在的收购。

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敦促公开计划，但Stablecoin发行人也在探索向Coinbase（NASDAQ：）或Ripple（NYSE :)的可能性出售的可能性，5月19日，Fortune在5月19日报道说，这是熟悉此事的人们。

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.

报告称，该公司于4月份提交了文书工作，该文件针对50亿美元的期待已久的首次公开募股（IPO），但非正式的收购会谈可能会改变其道路。

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.

消息人士称，讨论仍然是早期和探索性的，桌子上还没有正式的报价。但是，鉴于Coilt与Circle的USDC Stablecoin生态系统的深入整合，内部人士认为Coinbase是最合乎逻辑的收购方。

Coinbase and Circle’s relationship

Coinbase和Circle的关系

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

Coinbase和Circle成立于2018年，该合资企业最初是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，该结构于2023年解散，在授予交易所股权和有利的收入分享安排的同时，完全控制了稳定的治理。

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.

根据Circle的S-1备案，Coinbase和Stablecoin发行人从备用USDC的储备金分配了50/50的剩余收入。但是，当USDC直接在Coinbase的平台上举行时，交易所获得了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.

由于Coinbase最近的收入表明，与USDC相关的活动的收入显着上升，这种收入流的重要性已增强。

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.

该协议还包括规定，限制了Circle在未经Coinbase的同意的情况下进入主要新的USDC相关合作伙伴关系的能力，并在Circle的破产中授予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.”

这些规定表明了一定程度的相互依存关系，这使一些内部人士认为这些公司实际上是不可分割的。一位熟悉谈判的银行家告诉《财富》，如果Coinbase表示有任何收购公司的意图，“ Circle将以心跳出售”。

Ripple’s initial bid rebuffed

Ripple的最初出价被拒绝

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还以40亿美元至50亿美元的报价接近Circle，但Stablecoin发行人拒绝了该投标的价格太低。据报道，Ripple的报价包括现金和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.

根据其第一季度XRP市场的报告，Ripple在资产负债表上持有45.6亿XRP，价值约118亿美元，截至3月结束时，其资产负债表和额外的371.3亿XRP（约957亿美元）。

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.

尽管Ripple一直活跃于收购中，包括最近购买Prime Brokerage Hidday Road的12.5亿美元购买，但内部人士认为，鉴于其现金储备和公共市场访问权限，Coinbase可以更好地获取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资金有80亿美元的现金，今年已经完成了几次收购，例如Crypto衍生品交易所以29亿美元的价格和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首席执行官Brian Armstrong表示，Coinbase正在不断评估并购机会，但由于整合的复杂性而保持选择性。

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仍致力于公开公开，但是一位私募股权高管告诉《财富》，这种情况可能会随着“一周逐年发展”的发展而发生变化。