据报道，Coinbase有兴趣以$ 5B的价格收购Circle

Fortune报告说，加密货币交易所Coinbase有兴趣以50亿美元的Pricetag获取USDC Stablecoin发行人圈子

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.

据《财富》报道，加密货币交易所Coinbase（NASDAQ :)有兴趣以50亿美元的价格收购USDC Stablecoin发行人圈子，并引用了熟悉此事的银行家的说法。

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

这是在彭博社4月份的报告中报道说，Ripple（NYSE ：）进行了4-50亿美元的竞标，被拒绝了。

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发表了其招股说明书，于4月1日列出其股票，即特朗普总统宣布震惊市场的全面关税的前一天。这标志着Circle在FTX崩溃后在2022年放弃了SPAC合并后的第二次公开尝试。

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

一位银行家告诉《财富》：“如果Coinbase想购买它们，Circle将出售。”

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

Circle的发言人对该杂志做出了回应，称该公司正在进行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.”

同时，Coinbase首席执行官Brian Armstrong最近告诉彭博社，Circle的IPO不会影响他们的收入分享协议，并通过说：“就我们将来可能考虑的其他交易而言，我的意思是，我当然会取决于他们和我们，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具有复杂的伙伴关系历史，并于2018年共同建立了中心财团来管理USDC Stablecoin。虽然中心后来解散，但两家公司维持了一项收入分享协议，这对两家公司都在财务上意义重大。

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.

这种收入共享安排可能会影响Circle的IPO估值。 Coinbase获得了支持USDC的储备金产生的利息收入的很大一部分，仅2024年，Coinbase的收入为9.1亿美元。对于Circle而言，这种伙伴关系既代表了分配的力量，又代表了权衡其利润潜力的弱点。

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之间的收购战提出了有趣的战略考虑因素。对于Coinbase而言，收购Circle将获得重要的收入来源并加强其在Stablecoin市场中的地位。 Coinbase拥有更深层次的财务资源，其资产负债表上拥有约80亿美元的现金，使其能够与大量现金部分结构交易。再加上其股票是标准普尔500指数的成员，它可能比XRP加密货币更具吸引力，而XRP加密货币的价格更加波动。

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.

对于Ripple来说，收购圆圈将增强其在现有基础架构建立的跨境支付功能。 Ripple对Stablecoins的战略兴趣得到了其自己的Stablecoin以及最近的合作伙伴关系的证明，这些合作伙伴将使FX能够与Societe Generale（EPA ：） Forge（EPA :)在XRP Ledger上发行EURCV，以及今天宣布Straitsx将在同一平台上发布新加坡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面临着Coinbase所没有的财务限制。如前所述，将大量XRP转换为资助收购可能会对XRP的价格产生负面影响。

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.

时间安排给两个潜在的收购方带来了挑战，但对于Coinbase而言，这是更多的。正如令牌经济所涵盖的那样，Ripple最近承诺了12.5亿美元以获取隐藏的道路，而Coinbase同意以29亿美元的价格购买Deribit，并从客户数据泄露方面进行了影响，这可能需要高达4亿美元的薪酬成本。

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.

这些并发的发展引起了有关任何一家公司进行另一个重大收购的管理带宽和财务能力的疑问。对于Circle而言，在市场波动率提出了自己的挑战之中，其IPO尝试的时间安排可能会使收购的可能性更具吸引力，如果公众上市面临逆风。

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.

随着情况的发展，结果将显着影响Stablecoin市场，尤其是USDC作为市值的第二大稳定股的地位。 Circle是独立的还是与Coinbase或Ripple一起加入部队将在快速发展的数字资产生态系统中塑造竞争格局。