Circle earned ~$1.7b revenue in 2024 and paid out $900M+ to @coinbase as a distribution partner

That ~$1B going to Coinbase likely comes with little to no cost/opex to serve. At 10x earnings = $10 B mkt cap and likely contributes ~25% of $COIN valuation

For perspective - https://t.co/2Et3yaSgas

James Ho

Distribution is good 

https://x.com/jamesjho_/status/1907187974594240647?s=46

How does it feel for you to see them IPO?

Elevating onchain creators @brightmoments @ampsfun @nodefoundation

It’s exciting and a well deserved milestone for Circle