Earlier this week Bloomberg reported that Ripple made a $4 – $5 billion bid for Circle, the issuer of the USDC stablecoin. Circle apparently rejected the offer as being too low. At the beginning of the month, Circle published the offer documents to list its stock on the New York Stock Exchange (NYSE).
Despite posting $1.67 billion in revenues in 2024, Circle earned just $156 million in profit, largely because it paid 60% of its revenues to distributors, particularly Coinbase.
On the one hand, the Ripple bid makes tremendous sense from Ripple’s perspective. But it’s also logical for Circle to reject it.
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