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