The IPO documents show that Circle spent approximately $100 million to acquire Hashnote, mainly in the form of stocks According to The Block's latest IPO filing, Circle completed the acquisition of token company Hashnote in January 2025 for an actual consideration of $99.8 million, including $9.9 million in cash and 2.9 million fully owned common shares. Based on Circle's current offering price range of $24-26 per share, the final value of the transaction is estimated to exceed $120 million. Previously, the acquisition value had not been widely reported. According to Circle's revised S-1 registration statement submitted to the US SEC on Tuesday, the company plans to raise approximately $600 million through an initial public offering. As for 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 transaction "also provides for the issuance of up to approximately 1.8 million additional ordinary shares of Circle to certain employees of Hashnote, subject to the fulfillment of attribution conditions, which will be accounted for as compensation costs during the required service period. According to the updated SEC filing on Tuesday, Circle plans to issue 24 million Class A common shares at a price of $24 to $26 per share.