The IPO filing shows that Circle spent approximately $100 million to acquire Hashnote, primarily in the form of stock.

According to The Block, Circle's latest IPO filing reveals that it completed the acquisition of tokenization company Hashnote in January 2025, with the actual consideration reaching $99.80 million, including $9.90 million in cash and 2.90 million fully vested common shares.

Based on Circle's current offering price range of $24-$26 per share, the final value of the transaction may exceed $120 million. Previously, the acquisition value had not been widely reported.

According to an amended S-1 registration statement filed by Circle with the US SEC on Tuesday, the company plans to raise approximately $600 million through its initial public offering. Regarding the acquisition of Hashnote, Circle's IPO may have a significant impact on the final value of the transaction. In Circle's filing, the company stated that the deal "also provides for the issuance of up to approximately 1.80 million additional shares of Circle's common stock to certain employees of Hashnote, subject to the satisfaction of vesting conditions, which shares will be accounted for as compensation costs over the required service period." According to the updated US SEC filing on Tuesday, Circle plans to offer 24.00 million Class A common shares at a price of $24 to $26 per share.