As an analyst, a USDC issuer circle file for IPO is a flag profit issue

Circle Internet Financial, the publisher of USD Coin (USDC), has applied for IPO (IPO) in the midst of the company’s concern about the company’s profitability.

company submit S-1 If you are providing a form to the Securities and Exchange Commission yesterday, if you are approved, you can see the company’s stock trading at the New York Stock Exchange under the “CRCL” symbol.

This is not the first attempt to be released by a USDC publisher.

one,,, The second largest stablecoin publisher by market cap, I have been trying to release since 2021. The first attempt was the SPAC merger. The company failed because the company did not complete the SEC’s “on -time qualification,” said Jeremy Allaire.

According to the report, the SEC simply decided not to sign off the Circle’s plan, but the company refuses to claim.

one Then I tried another approach to the second attempt to submit a draft registration for the initial contest with the SEC in January last year. This process has continued until now due to the hostile stance of the regulatory agency on the encryption industry under the former Gary Gensler.

Analysts emphasize profitability issues

Circle moves to a file for the IPO is a significant moment in the entire encryption industry, but analysts have raised concerns about the long -term prospects of the company.

The company’s submission has released 2024 sales of $ 16.7 billion. This is a remarkable increase in comparison over the past few years, but careful tests show difficulties in the company.

Vaneck’s digital asset research director, Matthew Sigel, said that the income of the circle before the interest, tax, depreciation and depreciation and depreciation (EBITDA) decreased by 29%. The company’s net profit also decreased 42%.

🚨 IPO circle file

$ 1.7B revenue (+16% y/y)
$ 285m ebidta (-29% and/y)
$ 155m net profit (-42%) pic.twitter.com/qhldpakFrr

-Matthew Sigel, CFA Recovery (@matthew_sigel) April 1, 2025

SIGEL is due to the interruption of revenue sources, including rapid expansion, expensive service integration and circle returns.

Agora CEO and co -founder Nick Van Eck also mentioned on April 1. mail Leading the US encryption coinbase makes more money at USDC than Circle.

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