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Blockstack Is Planning One of the First Reg A+ Compliant Token Offerings in the US
The token offering could be a way forward for other startups looking to raise using SEC-approved funding rules.
By John Biggs
Updated Sep 13, 2021, 9:25 a.m. Published Jul 10, 2019, 10:27 p.m.
According to a Wall Street Journal report, the SEC has approved a $28 million Reg A+ offering for decentralized internet company Blockstack. Blockstack will begin selling the SEC-approved tokens – essentially an investment vehicle for fundraising – on Thursday.
This appears to be one of the first SEC-approved token offerings on the market and will chart a way forward for U.S. small business funding in the future. Founders Muneeb Ali and Ryan Shea told WSJ reporter Paul Vigna that they spent $2 million to get approval for the sale.
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“Mr. Ali said it took so long and cost so much because the company and the SEC had to start from scratch to create a protocol for a digital-token offering under Reg A+,” he wrote.
The Reg A+ platform lets companies raise up to $50 million from retail investors as opposed to only from so-called accredited investors. Thus far the Reg A+ uptake has been limited even considering the reduced documentation required by the SEC.
Connecting a token with a Reg A+ funding round could turn these into truly cryptocurrency-based equity investment vehicles, although Blockstack is selling utility tokens this time around.
Blockstack has already raised $5 million from venture capitalists and another $47 million in a 2017 token sale.
Muneeb Ali and Ryan Shea image courtesy of Blockstack/Ariella Steinhorn
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