Stacks is a Bitcoin Layer-2 network that enables smart contracts and decentralized applications to inherit the security and capital of the Bitcoin blockchain. The native STX token is utilized for fueling smart contract execution, processing transactions, and earning Bitcoin rewards through the network's unique Proof of Transfer consensus mechanism.
In September 2019, Blockstack PBC successfully concluded a concurrent Strategic Reg S Round targeted exclusively at non-U.S. investors, with a strong focus on strategic Asian partners. The private placement secured $7.6 million through the sale of 30,560,000 STX tokens at a discounted price of $0.25 per token. This tranche was led by HashKey Group and SNZ Holding, with participation from notable venture funds including Fenbushi Capital, Spartan Group, and Recruit Holdings. All tokens distributed in this offering were subject to a strict 1-year transfer lock on the Blockstack network following the hard fork.
1-year transfer lock