Blockstack recently completed the first SEC-approved token offering, raising $23 million between its Reg A+ offering for the general public as well as its Reg S offering for institutional investors in Asia. The company plans to use those proceeds to further develop its growing network of decentralized apps. However, many have complained about the quality of those apps, which could potentially put a strain on user growth.
Offering Results allow for runway until 2021
Through the Reg A+ cash offering, Blockstack sold 140.3 million Stacks tokens for proceeds of $15.5 million. This consisted of the $10.9 million raised through the general offering as well as the $4.6 million in proceeds from early Blockstack supporters who purchased through the voucher program at a discounted price.