TLDR
- Circle Buys Hashnote for $100M Ahead of $600M NYSE IPO.
- Circle Acquires Tokenization Firm Hashnote in Strategic Pre-IPO Deal.
- $USDC Issuer Circle Finalizes Hashnote Buyout Using Shares and Cash.
- Circle’s $100M Hashnote Deal Adds Tokenized Treasury Product to Its Stack.
- Circle Preps for IPO by Acquiring Hashnote and Expanding RWA Capabilities.
Circle, the issuer of stablecoin USDC, has completed a $100 million acquisition of tokenization platform Hashnote. The transaction included $9.9 million in cash and around 2.9 million Circle shares. This move comes as Circle prepares for a $600 million initial public offering on the NYSE.
Circle Finalizes Deal with Hashnote in Strategic Pre-IPO Move
Circle completed the acquisition of 100% of Hashnote Holdings LLC in January 2025. The transaction valued the company at approximately $99.8 million, according to SEC filings. Circle structured the deal with a mix of cash and common stock, using only $9.9 million in cash.
Circle acquired Hashnote for $100M@circle, issuer of the dollar-pegged stablecoin $USDC, acquired @Hashnote_Labs, issuer of the tokenized money market fund $USYC, for $100 million. That’s according to The Block, citing Circle’s latest initial public offering (IPO) filings. The…
— CoinNess Global (@CoinnessGL) May 27, 2025
The remaining value of the deal was settled with 2.9 million fully vested shares of Circle common stock. Circle disclosed the acquisition in its amended S-1 registration filed with the SEC. The acquisition was not widely reported but the company included the figures in its IPO documents.
Circle also agreed to issue up to 1.8 million more shares. These shares are for Hashnote employees and will vest over time as compensation. The issuance is subject to service-based conditions and will be accounted for over the required period.
IPO Prospectus Reveals Key Terms and Valuation Implications
Circle plans to raise $600 million by offering 24 million Class A shares. According to the filing, the shares are priced between $24 and $26 each. The valuation will directly impact the final value of the Hashnote acquisition.
Circle’s IPO filing noted that the future worth of the additional shares for Hashnote staff depends on stock performance. The 1.8 million shares will only be distributed if the vesting terms are met. Circle stated that the shares will be used as part of employee compensation expenses.
The acquisition gives Circle an edge in tokenized financial products. Hashnote is the issuer of the U.S. Yield Coin (USYC), backed by U.S. Treasury instruments. Circle has integrated USYC into its ecosystem as part of its institutional expansion.
Hashnote Integration Marks a Shift in Tokenized Asset Market
Before its acquisition, Hashnote raised $5 million from Cumberland Labs. The firm built its reputation by launching tokenized money market products aimed at institutional investors. It became known for reserve verification and product transparency.
According to RWA.xyz data, Hashnote’s USYC has reportedly lost market share in the RWA sector since the deal. However, the integration with Circle may help regain momentum by aligning with the broader USDC infrastructure.
Circle denied reports suggesting acquisition interest from firms like Coinbase and Ripple. The company appears focused on its strategic expansion via tokenization and public listing. The acquisition reinforces Circle’s vision of building a compliant, scalable financial infrastructure.
