Circle's acquisition of Hashnote for nearly $100 million was mainly paid in shares.

[Circle's acquisition of Hashnote for nearly $100 million mainly paid in shares] Circle's latest IPO filing disclosed that the company acquired Hashnote in January 2025 for "$9.9 million in cash and approximately 2.9 million shares of already vested common stock", totaling about "$99.8 million". The transaction also includes "the distribution of up to approximately 1.8 million shares of common stock with vesting conditions to some Hashnote employees", which will be recognized as salary costs over time. Circle plans to issue 24 million Class A common shares in this IPO, with a pricing range of $24 to $26 per share. Hashnote was originally founded by a $5 million investment by Cumberland Labs, the issuer of USYC, which has been declining in tokenized US Treasury products since its acquisition by Circle, according to RWA.xyz data.