Blockstack has announced that its SEC-approved token offering closed on September 9, after raising a total of $23 million. Blockstack co-founder and CEO Muneeb Ali announced the news in a recent blog post that thanked the thousands of investors who participated in the sale:
“More than 4,500 individuals and entities participated in the 2019 token offerings. Blockstack PBC has entered into agreements for more than $23M in these offerings (including both our SEC-qualified token offering and our offering to investors outside the United States made under Regulation S).”
The company confirmed that its offering attracted investors from both the U.S. and abroad, including Arrington Capital, Lux Capital, Spartan Group, Union Square Ventures, and a number of other funds. Ali also claimed that Blockstack is currently in talks with other international investors that could raise $5 Million or more in additional funds.
The post suggested that distribution of the tokens would begin in roughly 30 days. The company is currently negotiating with international exchanges in hopes of getting Stacks (STX) tokens listed for trading around October or thereafter.
Meanwhile, the company is planning to use the funds raise from its offering to continue its expansion:
“Following the distribution of the tokens, which is expected to occur in 30 days, Blockstack PBC plans to use funds from the 2019 token offerings to fuel further growth of the Blockstack decentralized computing network. This includes supporting user acquisition efforts, creating educational and marketing materials, supporting community events, expanding into potential new territories, and more.”