Blockstack will hold a $50 million utility token offering under SEC regulation

Blockstack Token LLC, a wholly-owned subsidiary of Blockstack PBC, the creators of a decentralized computing network has filed an offering statement with the Securities and Exchange Commission (SEC) to conduct a $50 million utility token offering using the SEC Regulation A+ framework. Upon approval, the offering is expected to be the first SEC-qualified token offering of its kind. The net proceeds of the offering will be used to accelerate the development of its decentralized computing stack and app ecosystem.

Blockstack's decentralized computing network, created by computer scientists from Princeton University, enables engineers to build secure, privacy-focused applications: users are in control of their data instead of storing it with large tech companies. More than 80 such applications already exist on Blockstack, such as Graphite, a decentralized alternative to Google Docs, Sigle, a decentralized and open-source blogging application, and BitPatron, a subscription content service for creatives. Blockstack's core technology is developed as open-source software with over 7,000 enthusiasts and developers and community events around the world. Blockstack previously raised over $50 million from venture investment rounds and under SEC Regulation D from investors like Union Square Ventures, Y Combinator, Lux Capital, and Naval Ravikant.

"Blockstack has been in a confidential submission process with the SEC, making progress as we drive towards an SEC-qualified token offering. Recently, U.S. markets have been closed to crypto projects given regulatory uncertainty, and we believe in opening the U.S. market to innovation in this area." said Muneeb Ali, co-founder and CEO of Blockstack PBC. "We've been working with securities lawyers to create a legal framework that can enable blockchain protocols to comply with SEC regulations. Our framework is consistent with the latest SEC guidance released last week."