Blockstack Files for $50 Million SEC-Regulated Token Offering


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Blockstack Token LLC has filed an offering statement with the U.S. Securities and Exchange Commission (SEC) to conduct a $50 million token offering later this year using the financial watchdog’s Regulation A+ framework. This according to a blog post published April 11, 2019.

Setting a Precedent

Blockstack, a decentralized privacy-oriented application development network has applied with the SEC to conduct a gargantuan $50 million token offering; should the application be approved by the financial watchdog, it will be the industry’s first ever SEC-qualified token offering.

Per sources close to the matter, Blockstack could well be on the path to offer textbook security tokens to investors. The companies blog post noted that the funds raised from the offering will be used to propel the development of their decentralized computing network and app ecosystem.

As mentioned in the SEC filings, the tech startup will issue 40 million Stacks (STX) tokens for $0.30 each; an additional 40 million tokens will be reserved for developers to help them create sound applications on the network, while the 215 million tokens will be sold at $0.12 each.

Blockstack added that they have been closely working with securities lawyers to comply with the SEC’s regulations. Now that the company has filed an offering statement with the regulator, it is looking forward to the possibility of the first-ever blockchain project receiving full-fledged access to the U.S. securities markets.

If the SEC gives a green light to Blockstack’s token offering, it could very well set a precedent for the other players in the emerging industry. Blockstack’s STX token will be offered through for 28 days. The company states that it will incur a cost of $1.8 million to conduct its STX token offering.

STX Can Be Bought with USD, BTC, and ETH

It’s worth highlighting that Blockstack has already developed more than 80 blockchain-based applications on its network, including projects like Graphite, Sigle, and BitPatron. People interested in participating in the token offering will have to shed $100 at the minimum, furthermore, the purchase of STX tokens can be made with the US dollar, bitcoin, and ether.

As reported by BTCManager on December 14, 2018, Blockstack subtly circumvented the bear market by achieving “Milestone 1” to unlock $25 million in resources to help its developers continue working on decentralized applications.

On a more recent note, the tech startup on March 10, 2019, announced the creation of a new decentralized social media platform called Banter.

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