Cryptoasset exchange startup INX Limited said on Monday it was aiming to raise up to $130 million in an initial public offering (IPO) in the US.
The Gibraltar-based exchange filed its IPO registration on Monday, August 19, and is the first security token sale to be registered with the US Securities and Exchange Commission (SEC).
Indeed, most blockchain and cryptoasset-related offerings have been conducted through initial coin offerings (ICO) and other unregulated token sales. While the INX sale will not be the first IPO in the industry, it will be among a very select few. Last year Argo Mining raised $32.5 million through the London Stock Exchange.
The company is offering 130 million INX tokens, with each entitling its holder to an annual pro rata distribution of 40% of the company's net cash flow from operating activities.
While the minimum investment will be $1,000, the company said it would not complete the sale of any INX tokens until it raises a minimum $5 million from the offering within one year. Only dollar sales will be accepted until this minimum is reached: thereafter, the company will also accept payment in bitcoin and ether.