This blog has previously reported on the numerous enforcement actions taken by the U.S. Securities and Exchange Commission against unregistered token sales.  History, was made, however, on May 3, 2021 when INX Limited announced that it had officially closed its  IPO with an estimated $85 million in gross proceeds from token sales, received from over 7,200 institutional and general public (retail) investors. 

INX is the world’s first company to debut and successfully complete an SEC-registered IPO of a blockchain security token (the INX Token).  The company describes itself as a blockchain-based platform for trading digital securities and cryptocurrencies.  When the $85 million is combined with the pending CA$39.6 million private placement on the Toronto Stock Exchange, and a private round of about $7.5 million, INX expects to have raised over $125 million.  The funds will be used for the launch and operation of the INX fully-regulated trading platform.

The company also provided some interesting information about the investors.  The average age was 42.  More than half of the payments for the tokens were made with cryptocurrencies (Bitcoin, Ether and USDC), which were converted to US Dollars.  The INX Tokens were bought by retail and institutional investors in 75 countries.


David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. David has been included in Chambers for his expertise in international arbitration. He is the editor of the firm's blockchain blog.