INX Scales Down US IPO Target to $117M – Still Set to Be Crypto’s Largest

INX Scales Down US IPO Target to $117M – Still Set to Be Crypto’s Largest

Vintage image of a trading floor (Everett Collection/Shutterstock)

Cryptocurrency and security token exchange INX has shifted its sights for a planned initial public offering (IPO) in the U.S.

The Gibraltar-based trading group filed an F-1 Form – a securities registration for non-U.S. issuers – with the Securities and Exchange Commission (SEC) on Monday. for Q2 2020, the sale is now expected to take place before the end of the year, according to the revised prospectus.

Per the , INX has priced 130 million INX tokens at $0.90 each, putting the maximum raise at $117 million, which could make it the largest IPO in the digital asset industry to date. That’s in the middle of the target range given in the, filed in March, when the company hoped to sell the shares at $0.80 to $1.00 apiece, raising up to $130 million.

The maximum target, if achieved, would still be $27 million more than mining chip manufacturer Canaan .

Investors will be able to purchase INX tokens with cryptocurrencies as well as the U.S. dollar. INX will accept commits made in the stablecoin USDC, bitcoin and ether – but only if the sale exceeds the minimum $7.5 million raise amount.

Although it won’t be the first IPO to accept cryptocurrencies, it will be the largest offering yet to do so.

INX is a cryptocurrency and security token exchange hopeful that seeks to operate in the U.S. It’s been trying to register with the SEC for more than two years so it can offer a regulatory-compliant sale and first registered with the chief securities watchdog last summer.

The firm’s executive managing director, Alan Silbert, is the brother of Barry Silbert, the founder and CEO of Digital Currency Group, CoinDesk’s parent company.

A series of other crypto companies are making plans to become publicly tradeable. Last week, a Hong Kong-based crypto derivatives exchange said it would via a reverse listing in Q3. Coinbase is said to be in the U.S. next year.

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