Blockstack Files for $50 Million Token Offering With the SEC
Blockstack, a project building a browser for decentralized applications on top of the Stacks blockchain, has filed for a $50 million token offering using the SEC Regulation A+ framework.
After rounds of private comments, we’ve publicly filed for a $50M token offering with the SEC.
Upon qualification, our network and the Stacks tokens will be available to retail investors, including the US. https://t.co/OuPVbA4eJt
— Muneeb Ali (@muneeb) April 11, 2019
According to the announcement and circular, Blockstack plans to sell 295 million Stacks (STX) tokens, with the net proceeds used to accelerate the development of the Blockstack decentralized computing network and app ecosystem.
Blockstack notes that once approved, this will be the first SEC-qualified token offering of its kind. The startup hopes that it will set a precedent for others in the industry looking to launch new public blockchains and decentralized ecosystems.
Blockstack previously raised over $50 million from venture investment rounds and under SEC Regulation D from investors like Union Square Ventures, Y Combinator, Lux Capital, and Naval Ravikant. In December, the company unlocked approximately $25 million in funding from its December 2017 token offering after successfully launching its network.
The Stacks token will be offered through the stackstoken.com website and will eventually be available to retail investors.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.