| Happy Liberation Day. Trump is due to announce his sweeping tariff plan in press conference at 4 p.m. ET. | | 5. Circle files S-1 ahead of long-awaited IPO | The company plans to list its stock on the NYSE yesterday’s filing shows. The stock would trade under the ticker CRCL. The company reported net income of $156 million on revenue of $1.68 billion in 2024, compared with net income of $268 million on $1.45 billion in revenue the previous year. |  | Wyatt Lonergan @Wyatt_Lonergan |  |
| Partner costs are probably the biggest line item to pay attention to, but also the most misunderstood line item, coming out of Circle’s IPO filing. Today, Coinbase takes the lion share of USDC revenue as the primary distribution partner. $900m ish of that $1 billion number. |  matthew sigel, recovering CFA @matthew_sigel
Circle's revenues grew 16% but EBITDA and Net Income fell sharply. Why? Four main reasons --> Increased Partner Costs: A significant rise in distribution and transaction costs driven by higher fees paid to partners like Coinbase, due to increased reserve income and strategic x.com/matthew_sigel/… |
| | | 10:02 PM • Apr 1, 2025 | | | |
| | 103 Likes 17 Retweets | 10 Replies |
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| 4. Coinbase’s Worst Quarter Since FTX Collapse | Coinbase (COIN) shares dropped ~30% in Q1, marking its worst performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock has plunged alongside it, from Galaxy Digital (GLXY) to miners such as Riot (RIOT) and Core Scientific (CORE). According to Bloomberg, fundamentals aren’t the culprit; observers blame the shaky macro environment and lingering trade-war fears for driving risk-off sentiment. | 3. $38 Trillion is Still Restricted From Buying Crypto | According research firm Tephra Digital, 10 of the largest US brokerage firms in America are restricting advisors from recommending BTC. These ten brokerages represent $65.7 trillion in AUM and have crypto restrictions on ~$38.2 trillion of those assets from buying crypto. |  | Eric Weiss ⚡️ @Eric_BIGfund | |
| They’ll sell you junk bonds & penny stocks but not Bitcoin. $38T in assets still blocked, advisors can’t even recommend it. TradFi is playing catch up. Bitcoin doesn’t need permission. Be early. 🚀 | |
 | | | 2:36 PM • Apr 1, 2025 | | | |
| | 500 Likes 100 Retweets | 22 Replies |
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| 2. There is a record number of billionaires in the world, and they’re richer than ever | Forbes’ 39th annual Billionaires List, published yesterday, revealed that there are now 3,028 billionaires around the world, with an estimated collective wealth of $16.1 trillion. To put that in perspective in crypto terms, if every person on the billionaire’s list allocated 10% of their portfolio to BTC… it would be more than BTCs total current marketcap. | 1. Q1 2025 witnessed 60+ crypto hacks, resulting in total losses of $1.63B | According to new research from blockchain security firm PeckShield, there have been more than 60 crypto hacks so far in 2025, totaling $1.63 billion in losses. With that being said, the ByBit hack in February accounted for the bulk of the losses being the biggest hack in history at $1.46 billion. |
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