Geralt Davidson 🐺|3月 15, 2026 10:56
CIRCLE'S BROKEN MODEL
$2.7B revenue. Still a NET LOSS.
Opex hit $1.18B, nearly doubled YoY.
$1B/yr flows to Coinbase.
Gross margin: 62% → 39%.
99% of revenue is just interest income.
One rate cut and this model cracks.
(Geralt Davidson 🐺)
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