Circle acquires Hashnote for nearly $100 million, primarily through share based payments

According to a report by Golden Finance, Circle's latest IPO filing revealed that the company acquired Hashnote in January 2025 for "$9.9 million in cash and approximately 2.9 million shares of vested common stock," for a total consideration of approximately $99.8 million. The transaction also includes the issuance of up to approximately 1.8 million shares of common stock with attribution conditions to some Hashnote employees, which will be recognized as compensation costs in installments. Circle plans to issue 24 million Class A common shares in its IPO, with a pricing range of $24 to $26 per share. Hashnote was initially established with an investment of $5 million from Cumberland Labs. The company is the issuer of the United States Revenue Coin (USYC). According to RWA.xyz, USYC's position in token treasury bond products has been declining since the Circle acquisition.