Blockstack concludes first Reg A+ token offering with $15.5M
September 10, 2019, 7:11PM EDT
1 min read
Blockstack PBC, the firm behind the Blockstack computing network and app ecosystem, announced on Tuesday that it raised $15.5 million from the first Securities and Exchange Commission (SEC)-approved token offering under Reg A+.
The token offering lasted for 60 days and ended on Sept. 9. According to an SEC filing, the firm has sold over 74 million Stacks tokens with prices between $0.12 and $0.30. 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.
In a separate SEC filing last week, the firm reported its general offering under Reg A+, in which 62 million tokens were available, was 75% subscribed. However, the latest document shows that it in fact only sold 36 million tokens in the general offering, while the rest of the tokens were sold to voucher holders at a discounted price.
In a press release, Blockstack states that it has also received a strategic investment led by Asian venture firms HashKey Digital Asset Group and SNX Holding, with participation from Fenbushi Ventures, Fundamental, Spartan Group, and other Asian funds.
The company is also considering conducting an additional token offering, per the press release.
In July, the firm won the first SEC approval to conduct a token offering under Reg A+, an SEC provision that costs less to file and has less stringent disclosure requirements compared to a regular IPO.
Correction: A previous version of this story incorrectly characterized Blockstack's 62 million general token offering under Reg A+ as 75% sold. It is actually 75% subscribed.