Circle discloses IPO details: plans to raise $600 million, has completed the acquisition of Hashnote for nearly $100 million

Stablecoin giant Circle Internet Financial recently submitted a revised S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), revealing that the company plans to raise approximately $600 million through an initial public offering (IPO) and issue 24 million Class A common shares at a price of $24 to $26 per share, with the intention of listing on the New York Stock Exchange.

The document also disclosed for the first time that Circle had completed a full acquisition of tokenized financial services platform Hashnote in January 2025, with a total transaction price of $99.8 million, including $9.9 million in cash and 2.9 million Circle common shares. In addition, according to the terms of the transaction, Circle will also reserve up to 1.8 million shares of common stock with vesting conditions for some Hashnote employees, which will be included in the salary cost in the future depending on the service period and performance.

This acquisition is seen as one of Circle's key actions to accelerate its layout in the field of "on-chain asset tokenization". Hashnote is a platform focusing on the issuance of structured income products and institutional assets on the chain. Circle said that its capabilities will form a synergistic effect with USDC products and enhance the company's core competitiveness in the field of global financial infrastructure.

At the same time, Circle also formally denied the rumors that it was considering acquisition offers from Coinbase and Ripple in its prospectus, emphasizing that the company is currently focused on independent operations and listing processes.

Industry insiders analyzed that if Circle's current IPO is successfully promoted, it will provide sufficient financial support for it to further expand the USDC stablecoin ecosystem, enhance multi-chain layout capabilities and support global compliance expansion.

About Circle: The operator behind the stablecoin USDC, the business is expanding steadily

Circle is the main issuer of USDC (US dollar-denominated stablecoin), which is currently the second largest stablecoin in the world by market value and is widely used in DeFi, exchange settlement, cross-border payments and tokenized financial products. As of May 2025, USDC will be in circulation globally at approximately US$27 billion, with custody assets covering US bonds, cash and highly liquid money market instruments.

In recent years, Circle has actively expanded its product line and regulatory layout, and has obtained digital asset service licenses in many places including the United States, the European Union, and Singapore, and promoted USDC on-chain interoperability, payment interfaces and institutional API services.