Share this article
Aquaculture Firm Completes Australia's First IPO Raise Using Cryptocurrency
Almost 90% of West Coast Aquaculture's $3.6 million capital raise was via the stablecoin tether.
Updated May 9, 2023, 3:13 a.m. Published Nov 23, 2020, 11:15 p.m.
Australia-based West Coast Aquaculture (WCA) has completed an A$5 million (US$3.65 million) initial public offering, becoming the first firm in the nation to use cryptocurrency for its capital raise.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In an announcement provided to CoinDesk on Monday, fintech firm STAX said it had assisted WCA in raising just over 89%, or just over A$4.4 million (US$3.2 million), of the total raise via the stablecoin tether , a cryptocurrency with its price linked to the U.S. dollar on a 1:1 basis. The remaining funds were raised in Australian dollars.
"We are proud to be part of this historic moment in Australian investment history, said Neo Ching Hoe, CEO and founder of WCA. "We hope this bold initiative helps open the door to more global investment for local companies."
WCA, an international fisheries company with an Asia Pacific presence, will put the funding towards expanding its operations and building out its supply chain, per the announcement.
See also: ASX Delays Launch of DLT System Over Coronavirus Trading Volatility
STAX describes itself as Australia's first capital-raising platform to accept both cryptocurrency and Australian dollars.
“The successful WCA capital raise and IPO, paves the way for the future of capital markets in Australia”, said STAX CEO Kenny Lee. “We are allowing access to a market which has been hard for overseas investors to get into, and it will only benefit Australian businesses longer term.”
WCA has now listed for trading on the Sydney Stock Exchange under the SSX code 833.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Tensions over El Salvador's bitcoin holdings ease as IMF praises economic progress
The Central American country’s economy is projected to grow 4% this year, the IMF said.
What to know:
- The IMF praised El Salvador's stronger-than-expected economic growth and progress in bitcoin-related discussions.
- El Salvador's real GDP growth is projected to reach around 4%, with a positive outlook for 2026.
- Despite previous IMF recommendations, El Salvador continues to increase its bitcoin holdings, adding over 1,000 BTC during November's market downturn.
Top Stories
