Circle has disclosed in its latest IPO filing with the SEC that it acquired tokenization startup Hashnote for approximately $99.8 million in January 2025. The acquisition included $9.9 million in cash and about 2.9 million Circle common shares. Additionally, Circle plans to issue up to 1.8 million more shares to incentivize Hashnote employees. This acquisition was not previously disclosed by Circle. Circle's IPO aims to raise around $600 million by issuing 24 million Class A common shares priced between $24 and $26 each. Hashnote, which previously received a $5 million investment from Cumberland Labs, has seen its USYC product lose market share in the U.S. debt tokenization market, now dominated by BlackRock's BUIDL fund with nearly $3 billion in assets.