<p>根据 S&amp;P Global Market Intelligence 的数据，<strong>Circle Internet Group</strong>(CRCL -8.71%) 在 2025 年 8 月遭遇了 28.1% 的重创。该集团在本月中旬发布了作为上市公司的首份财报，但未能支撑 Circle 早期的股价上涨。</p>
<h2>Circle 的财报落空</h2>
<p>从 6 月 4 日的首次公开募股（IPO）到 7 月底，Circle 的股价上涨了惊人的 492%。投资者密切关注首份财报，寻找 Circle 的业务是否能够支撑 420 亿美元的市值的迹象。</p>
<p>但这种乐观的结果并没有出现。确实，考虑到 Circle 的核心业务基于一种始终价值 1 美元的资产，财报结果令人印象深刻。收入同比增长 53%，达到 6.58 亿美元，USDC 的活跃流通量几乎翻倍，达到了 613 亿美元。但 Circle 在第二季度仍然录得 4.82 亿美元的净亏损，主要是由于与 IPO 相关的成本。股价飙升本身是这些费用的根本原因，因为飙升的股价改变了 Circle 可转换债务和基于股票的薪酬政策的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NTgvZG93bmJlYXQtb2ZmaWNlLXdvcmtlci13aXRoLW1hbnktY29tcHV0ZXItc2NyZWVucy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NTgvZG93bmJlYXQtb2ZmaWNlLXdvcmtlci13aXRoLW1hbnktY29tcHV0ZXItc2NyZWVucy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Circle 令人兴奋的收入背后的无聊银行秘密</h2>
<p>尽管 USDC 稳定币没有增值或贬值，但 Circle 在第二季度产生了 6.58 亿美元的收入流，这听起来可能很奇怪。但该公司的运作方式类似于传统银行——它对为稳定币提供直接支持的美元资金赚取利息。这些利息支付占 Circle 第二季度总收入的 96.4%。</p>
<p>至于股价下跌，值得注意的是，这一下滑在 Circle 财报发布之前就已经开始。截至 9 月 2 日，Circle 的股价较 6 月 23 日的绝对高点下跌了 54.4%。大幅上涨后紧接着的急剧下跌在知名 IPO 中相当常见，而 Circle 是近年来最受期待的市场上市之一。</p>
<p>在 2025 年，只有 <strong>CoreWeave</strong>(CRWV -9.41%) 和 <strong>Figma</strong>(FIG -6.70%) 的 IPO 更为引人注目，它们确实遵循了类似的图表模式。Figma 的股价自 7 月 IPO 后飙升的高点下跌了 46.2%，而 CoreWeave 则花了几个月时间实现 359% 的涨幅，然后几乎损失了一半。</p>
<p>我很少参与 IPO 的推出，因为早期投资者往往很快就会遭受损失。Circle 再次提供了一个老生常谈的图表戏剧的例子。我并不完全相信 Circle 的冷却期已经结束。在其稳定在更合理的估值之前，您可能应该避免这只火热的金融科技股票。</p>

CRCL

<p>Circle Internet Group (CRCL) 的股票在 2025 年 8 月下跌了 28.1%，原因是其作为上市公司的首次财报令人失望。尽管收入增长了 53%，达到 6.58 亿美元，但由于与首次公开募股相关的费用，公司报告了 4.82 亿美元的净亏损。该股票在首次公开募股后曾飙升 492%，但自峰值以来已下跌 54.4%。分析师建议在股票稳定在更合理的估值之前应避免投资，因为这种波动性是高调首次公开募股的典型特征</p>

<p>Shares of <strong>Circle Internet Group</strong>(CRCL -8.71%) took a 28.1% hit in August 2025, according to data from S&amp;P Global Market Intelligence. The group behind the <strong>USDC</strong>(USDC -0.00%) stablecoin posted its first earnings report as a public company in the middle of the month, and it wasn't strong enough to support Circle's early price jump.</p>
<div class="lb-trans"><p>根据 S&amp;P Global Market Intelligence 的数据，<strong>Circle Internet Group</strong>(CRCL -8.71%) 在 2025 年 8 月遭遇了 28.1% 的重创。该集团在本月中旬发布了作为上市公司的首份财报，但未能支撑 Circle 早期的股价上涨。</p>
</div><h2>Circle's earnings landed with a thud</h2>
<div class="lb-trans"><h2>Circle 的财报落空</h2>
</div><p>From the initial public offering (IPO) on June 4 to the end of July, Circle's stock had gained a hair-raising 492%. Investors were watching the first earnings report closely, looking for signs that Circle's business could sustain a $42.0 billion market cap.</p>
<div class="lb-trans"><p>从 6 月 4 日的首次公开募股（IPO）到 7 月底，Circle 的股价上涨了惊人的 492%。投资者密切关注首份财报，寻找 Circle 的业务是否能够支撑 420 亿美元的市值的迹象。</p>
</div><p>But that bullish outcome wasn't in the cards. Sure, the results were impressive, given that Circle's core business is based on an asset that will always be worth $1 per coin. Revenue rose 53% year over year to $658 million as the active circulation of USDC nearly doubled to $61.3 billion. But Circle still posted a net loss of $482 million in the second quarter, largely due to costs associated with the IPO. The price spike itself was the root cause of these charges, as the skyrocketing stock price changed the value of Circle's convertible debt and stock-based compensation policies.</p>
<div class="lb-trans"><p>但这种乐观的结果并没有出现。确实，考虑到 Circle 的核心业务基于一种始终价值 1 美元的资产，财报结果令人印象深刻。收入同比增长 53%，达到 6.58 亿美元，USDC 的活跃流通量几乎翻倍，达到了 613 亿美元。但 Circle 在第二季度仍然录得 4.82 亿美元的净亏损，主要是由于与 IPO 相关的成本。股价飙升本身是这些费用的根本原因，因为飙升的股价改变了 Circle 可转换债务和基于股票的薪酬政策的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3NTgvZG93bmJlYXQtb2ZmaWNlLXdvcmtlci13aXRoLW1hbnktY29tcHV0ZXItc2NyZWVucy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831758%2Fdownbeat-office-worker-with-many-computer-screens.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The boring banking secret behind Circle's exciting revenue</h2>
<div class="lb-trans"><h2>Circle 令人兴奋的收入背后的无聊银行秘密</h2>
</div><p>It may sound strange that Circle generated a $658 million revenue stream in the second quarter, even though the USDC stablecoin neither gained nor lost any value. But the company operates much like a classic bank -- it earns interest on the dollar-based funds that provide direct backing for the stablecoin. These interest payments accounted for 96.4% of Circle's total revenue in the second quarter.</p>
<div class="lb-trans"><p>尽管 USDC 稳定币没有增值或贬值，但 Circle 在第二季度产生了 6.58 亿美元的收入流，这听起来可能很奇怪。但该公司的运作方式类似于传统银行——它对为稳定币提供直接支持的美元资金赚取利息。这些利息支付占 Circle 第二季度总收入的 96.4%。</p>
</div><p>As for the stock's price drop, it should be noted that the slide started well before Circle's earnings report. As of Sept. 2, Circle's share price is down 54.4% from the absolute peak on June 23. The big surge followed by a steep price drop is pretty common for big-name IPOs, and Circle was one of the most anticipated market launches in recent memory.</p>
<div class="lb-trans"><p>至于股价下跌，值得注意的是，这一下滑在 Circle 财报发布之前就已经开始。截至 9 月 2 日，Circle 的股价较 6 月 23 日的绝对高点下跌了 54.4%。大幅上涨后紧接着的急剧下跌在知名 IPO 中相当常见，而 Circle 是近年来最受期待的市场上市之一。</p>
</div><p>Only <strong>CoreWeave</strong>(CRWV -9.41%) and <strong>Figma</strong>(FIG -6.70%) have seen splashier IPOs in 2025, and they have indeed followed similar charting patterns. Figma's stock is down 46.2% from a soaring peak just after its IPO in July, while CoreWeave took a couple of months to build a 359% gain and then lose nearly half of it.</p>
<div class="lb-trans"><p>在 2025 年，只有 <strong>CoreWeave</strong>(CRWV -9.41%) 和 <strong>Figma</strong>(FIG -6.70%) 的 IPO 更为引人注目，它们确实遵循了类似的图表模式。Figma 的股价自 7 月 IPO 后飙升的高点下跌了 46.2%，而 CoreWeave 则花了几个月时间实现 359% 的涨幅，然后几乎损失了一半。</p>
</div><p>I rarely jump on IPO launches, because early investors tend to get burned rather quickly. Circle provided yet another example of a well-worn charting drama. And I'm not entirely convinced that Circle's cool-off period has ended yet. You should probably avoid this red-hot financial technology stock until it stabilizes at a more plausible valuation.</p>
<div class="lb-trans"><p>我很少参与 IPO 的推出，因为早期投资者往往很快就会遭受损失。Circle 再次提供了一个老生常谈的图表戏剧的例子。我并不完全相信 Circle 的冷却期已经结束。在其稳定在更合理的估值之前，您可能应该避免这只火热的金融科技股票。</p>
</div>

为什么 Circle Internet (CRCL) 的股票在上个月下跌了 28.1%