Circle disclosed a $10.6m exposure to FTX

BlockBeats: On November 16th, Decrypt reported that Circle said in a new regulatory filing, The FTX crash and USDC's automatic conversion on the Binance platform will result in Circle's results being "substantially below" the guidance it gave in February. Circle disclosed in regulatory filings that the "tiny" FTX stake that Jeremy Allaire, Circle's chief executive, referred to in a tweet last week was the company's $10.6m investment in FTX Group. Circle wrote in its amended S-4 filing that the company will recognize the impairment of its FTX investment in the reporting period where there are indications of impairment, that it has suspended services and transactions with FTX Group and is evaluating the impact on the future provision of services to FTX Group and the possible indirect financial impact of FTX Group's bankruptcy. The publication said Circle had previously not disclosed specific FTX exposures because it tended not to disclose how much it had invested in other projects. A spokesman for Circle said that while Allaire was aware of the amount of money Circle had invested in FTX, he did not want to reveal the figure in his tweet last week, in which he spoke about Circle's relationship with FTX.