According to Decrypt, the collapse of FTX and automatic conversions of USD Coin on Binance will cause Circle’s performance to be “materially lower” than the projections it made in February, the company said in a new regulatory filing. In it, Circle disclosed that the “tiny” FTX equity that Circle CEO Jeremy Allaire alluded to on Twitter last week is a $10.6 million investment the company made in the FTX Group, according to new regulatory filings. “The Company will recognize impairment of its FTX Investments in the reporting period in which impairment indicators arose,” Circle wrote in its amended S-4 filing. “The Company has suspended its services and transactions with the FTX Group and is in process of evaluating the impact on provision of future services to the FTX Group and the potential indirect financial impact of the FTX Group bankruptcy.”
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