First-Ever SEC-Qualified Token Offering in US Raises $23 Million
Joeri Cant's original article for cointelegraph.com reduced by 78%
Blockstack PBC, a decentralized computing network, announced that it managed to raise more than $23 million in the first-ever U.S. Securities and Exchange Commission-approved token offering. Participation from U.S.
retail investorsMuneeb Ali, co-founder and CEO of Blockstack PBC wrote in a blog post on Sept. 10 that the blockchain-based startup Blockstack has raised more than $23 million in token offerings, which include its SEC-qualified token offering and its offering to investors outside the United States. Retail investors in the U.S.
were able to partake for the first time in a token offering qualified by the SEC. More than 4,500 individuals and entities participated. Ali wrote that, in addition to retail investors, attracting strategic investors from Asia was a key goal of the token offerings.
"We are in discussions with international investors for an additional $5M+ which may be distributed in a separate private placement or in a follow-on SEC-qualified offering, as we have previously disclosed in our SEC filings. The goal of this additional distribution is to continue growing our community and network in Asia.". The SEC go-aheadAs Cointelegraph previously reported, the United States Securities and Exchange Commission gave blockchain-based startup Blockstack the go-ahead to run a multi-million public token offering under regulation A+.A regulation A+ funding round is a kind of initial public offering tailored towards startups in need of early funding, in which any member of the public can partake.
Ali, alongside co-founder Ryan Shea, reportedly spent 10 months and approximately $2 million to gain approval from the SEC in advance of their token offering.
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