Circle Buys Hashnote for $100M with Shares 💸
Circle, the issuer of the stablecoin USDC, has acquired Hashnote for nearly $100 million, a deal mainly paid with Circle's shares. The company's recent IPO filings made the acquisition details public. The filings reveal that the purchase involved $9.9 million in cash and around 2.9 million Circle shares. Circle's IPO aims to raise approximately $600 million, with a valuation target of about $5.43 billion. Despite rumors, Circle denies any acquisition bids from Coinbase and Ripple. Additionally, up to 1.8 million Circle shares may be issued to Hashnote employees as part of compensation, affecting the deal's final value. Hashnote, initially invested in by Cumberland Labs, has seen its U.S. Yield Coin face challenges post-acquisition as BlackRock's fund gains ground.
FAQ
❓ How was Circle's acquisition of Hashnote financed?
Circle mainly used shares for the acquisition of Hashnote, with a total deal value of nearly $100 million.
❓ What is the significance of Circle's IPO?
Circle's IPO aims to raise about $600 million, impacting its market valuation and strategic investments like Hashnote.
❓ Who dominated the tokenized U.S. Treasury products market recently?
BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL, has recently been leading the market.