Description
本期节目聚焦於 Circle (CRCL) 這家以發行 USD Coin (USDC) 穩定幣為主的金融科技公司。報告深入探討了其 商業模式，主要收入來源仰賴 USDC 儲備金的利息收入，並簡述了其客戶基礎和 USDC 總發行量 的增長趨勢。報告也審視了公司面臨的 短期與長期風險，例如利率波動和日益激烈的市場競爭。此外，它還詳細剖析了 Circle 的 成本結構、管理團隊 的經驗與股東權益的 對齊情況，並列出了主要股東。最後，報告運用 華倫·巴菲特式的估值方法，對 Circle 進行了多種情境下的 內在價值評估，並總結了公司最新的 季度財報 與 財務指標趨勢。
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