Key Financial Statement Metrics
As of 31-Dec-2024
Cash & equivalents: Assumed everything classified by Tether under this category, all current assets for Circle, all PSM+RWA for Sky. Other investments: All non-(cash, bitcoin, precious metals) for Tether, i.e. corporate bonds, other investments and secured loans, all non-current assets for Circle, all crypto-backed loans for Sky. Commodity reserves: All bitcoin and precious metals for Tether, nothing for Circle, Pause Proxy for Sky. Interest expense: Assumed 0 for Tether, 0 for Circle, DSR for Sky. Channel expense: Assumed 0 for Tether, distribution cost for Circle, 0 for Sky. Non-interest income: All bitcoin and precious metals unrealized gains for Tether, none for Circle, liquidation income for Sky. Provision for credit losses: None for all. Operating expenses: Assumed 2x absolute value of Circle expenses and is a complete unknown, all cash+non-cash operating expenses for Circle, all overhead expenses for Sky. Average equity: Assuming no distribution of surplus for Tether and Sky (burn), no change for Circle
Source: Steakhouse FinancialGet the dataDownload imageCreated with Datawrapper
