Circle's latest IPO filing shows it acquired Hashnote for nearly $100 million

Odaily Planet Daily News According to the latest IPO documents submitted by Circle to the U.S. Securities and Exchange Commission (SEC), the company has completed a full acquisition of tokenization startup Hashnote in January 2025, with a total transaction amount of approximately US$99.8 million, including US$9.9 million in cash and approximately 2.9 million Circle common shares (fully vested). The document shows that the transaction also includes the issuance of up to approximately 1.8 million additional common shares to incentivize Hashnote employees. The relevant shares will be vested based on the service period and included in the salary cost. Circle has not previously disclosed the amount of the acquisition. The disclosure also shows that Circle plans to raise approximately US$600 million through an IPO and issue 24 million Class A common shares at an issue price range of US$24 to US$26 per share. Hashnote once received a US$5 million investment from Cumberland Labs, and its product USYC has lost market share in the U.S. debt tokenization market after being acquired. The market is currently dominated by BlackRock’s BUIDL fund, which has nearly $3 billion in assets (The Block).