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Circle Internet Financial, USDC, has made a preliminary public offer (IPO) amid analyzes of the company’s profitability.
Company Presented S-1 It is formed to the Securities and Stock Exchange Committee (SEC) yesterday, which, if approved, will witness the company’s shares trade on the New York Stock Exchange under the “CRCL” code.
It is not the first attempt for a USDC source for the public
circleand Source is the second largest stablecoin depending on the market value, Jeremy Alere, CEO of SEC, said the first attempts to attempt was to integrate SPAC, which failed because the company did not complete the “SEC qualifications in time.”
At that time, the reports suggested that SEC chose simply not to sign Circle’s plans, but the company rejects these claims.
circle Then she tried a different approach to her second attempt, as it presented a draft registration for a preliminary public offering with the Supreme Education Council in January last year. This process has continued so far due to the position of the hostile organizer towards the encryption industry during the era of former President Gary Ginsner.
Analysts shed light on profitability fears
Although Circle’s transition to submission to the public subscription represents an important moment for the entire encryption industry, analysts have raised concerns about the company’s long -term prospects.
The company’s file revealed 2024 revenues of $ 1.67 billion. While this is a noticeable increase compared to previous years, a careful examination indicates the challenges of the company.
The head of the Vaneck digital asset research indicated that the profits of the interest, taxes, depreciation and extinguishing (EBITDA) decreased by 29 %. In addition, the company’s net income decreased by 42 %.
Department files for public subscription
Revenue of $ 1.7 billion (+16 % on an annual basis)
$ 285 million EBIDTA (-29 % Y/Y)
Net income of 155 million dollars (-42 %) pic.twitter.com/qhldPakfr– Matthew Sigge, CFA Restore (Matthew_sgel) April 1, 2025
Sigel attributed the decrease in net income to rapid expansion, expensive services in addition to stopping revenue flows, including the circuit return.
The CEO of Agora and co -founder Nick Van Eyk on April 1 x also noted mail Crypto Coinbase’s Coinbase driving make more money than USDC more than Circle.
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