Stock deal. Circle got $135m cash on a valuation higher than that. (480m in 2016: https://www.bloomberg.com/news/articles/2016-06-24/circle-internet-said-valued

Stock deal. Circle got $135m cash on a valuation higher than that. (480m in 2016: https://www.bloomberg.com/news/articles/2016-06-24/circle-internet-said-valued-at-480-million-in-latest-financing https://www.bloomberg.com/news/articles/2016-06-24/circle-in...) So they're probably buying Polo for X shares of Circle, where X depends on their current undisclosed valuation. But it's probably a pretty big chunk of their total.