Circle IPO Conspiracy: Chinese Capital Loses 4.4 Billion, Coinbase's Bloodsucking Terms Exposed!
Chinese Capital Bureau: From "Pro-China Faction" to "US Dollar Henchmen"
In 2016, Circle was still the "international pro-China faction" in the crypto circle. IDG Capital led a group of Chinese capital including Baidu, Everbright Holdings, Wanxiang, and CICC, collectively betting 60 million USD in Series D.
At that time, IDG's Xu Xiaoge declared: "Investing in American technology is to bring it back to China!" The sentiment was strong, and the momentum was comparable to the blockchain version of the Silk Road.
What was the outcome? Tianjin Shike Technology—Circle's Chinese shell—fumbled around for 4 years without even getting a payment license, and directly “simplified cancellation” in 2020. Under the regulatory iron curtain, the “dream of entering China” shattered faster than Bitcoin's flash crash.
Everbright Holdings, however, made a killing. In the last 5 days, the stock price soared 44%, and retail investors suddenly remembered: this old brother still holds Circle's original shares! Unfortunately, Chinese capital gets the soup, while American companies eat the meat—IPO dividends? Nonexistent.
A History of Self-Sabotage: From Alipay Dreams to Desperate Survival
Circle's early persona was “Bitcoin Alipay,” aiming to revolutionize cross-border payments with BTC. As a result, Bitcoin transfers were painfully slow, and in 2016, Ariel directly flipped the table: “I'm done!” Turning to go all-in on the exchange track.
2018's Masterstroke:
Acquired the exchange Poloniex for 400 million USD, with a valuation soaring to 3 billion USD;
Bitmain led a 110 million USD investment (brokered by IDG, confirmed by insider connections);
With the exchange in one hand and USDC issuance in the other, even dabbling in OTC, crowdfunding, and research reports, it could be dubbed the “crypto octopus.”
Then... the bear market taught a lesson.
In 2019, the valuation was slashed from 3 billion to 700 million; Poloniex was hammered by US regulators down to a 1% share;
Layoffs, shutdowns, and a three-hit combo:
P network handed over to Sun Yuchen;
OTC sold to Kraken;
Payment business disbanded on the spot.
After losing limbs, only USDC remained as a lone seedling.
To put it bluntly, Circle's listing is paving the way for the on-chain manifestation of US dollar hegemony. US debt relies on USDC to flood the globe, traditional institutions are entering through the back door, and Chinese capital? Long been a stepping stone of the era.
#Circle扩大IPO规模 Follow me, and I will take you through the phenomena to see the essence, together we will traverse the bull and bear markets.