Blockstack Has Amassed More Than $20 Million in Token Sale by SEC

Blockstack has amassed more than $20 million in a token sale authorized by the U.S. Securities and Exchange Commission; the company introduced Tuesday.

In a blog post, Blockstack co-founder Muneeb Ali wrote that the company’s Reg A+ compliant token offering concluded on Sept. 9, and mixed with a strategic investment round led by Hashkey Group and SNZ, raised a complete of $23 million.

“More than 4,500 people and entities participated within the 2019 token offerings,” Ali wrote. “Blockstack PBC has entered into agreements for greater than $23M in these choices (together with each our SEC-qualified token providing and our offering to investors exterior America made under Regulation S).”

According to a filing within the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, Blockstack notably raised $15.5 million by the sale of 74.3 million Stacks tokens through its Reg A+ sale within the U.S., and one other $7.6 million via the transaction (and delayed supply) of 30.6 million tokens through its Reg S offering in Asia.

The Reg A+ sale is further divided into two lots: it raised $10.9 million by selling 36.4 million tokens straight, and one other $4.6 million from 37.9 million tokens offered by a voucher program. The company expects one additional $66,000 for symbols offered, whose payments haven’t but arrived.

Blockstack announced its sale in July, after receiving SEC clearance to lift to $28 million by its Reg A+ sale. The Stacks token, a utility token, shall be used to pay builders on its Blockstack network, in addition to by the token sale participants, Ali wrote.