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Digital Currency/Stablecoin/Tokenization Series: First-SEC-Approved Token Sale Bags $23
A decentralized computing network ‘Blockstack’ concluded its first-ever U.S. Securities and Exchange Commission (SEC) approved token offering recently by raising about twenty-three million dollars ($23 million).
This fundraising mechanism (token sale) prolonged for almost 2-months and concluded recently. Blockstack has sold about 74 million Stacks tokens with prices between $0.12 and $0.30, as per the SEC filing.
The firm reported its general offering under Reg A+, in which 62 million tokens were available, i.e. 75% subscribed.
Meanwhile, a separate token offering under the SEC Reg S provision has sold for $7.6 million, while the sale is still ongoing with up to 40 million tokens being offered. In total, Blockstack has raised over $23 million from the two token offerings.
The first of its kind SEC-approved token offering strikes a chord among the registered over four thousand five hundred participants across the globe, including individuals and corporations, the company managed to attract full-fledged participation from the retail investors across the United States and outside.
Prominent retail investors included the likes of Lux Capital, Union Square Ventures, Spartan Group, Arrington Capital, and Recruit Holdings.