Blockstack has raised more than $20 million in a token sale approved by the U.S. Securities and Exchange Commission, the company announced Tuesday.

In a blog post, Blockstack co-founder Muneeb Ali wrote that the company’s Reg A+ compliant token offering concluded on Sept. 9, and combined with a strategic investment round led by Hashkey Group and SNZ, raised a total of $23 million.

“More than 4,500 individuals and entities participated in the 2019 token offerings,” Ali wrote. “Blockstack PBC has entered into agreements for more than $23M in these offerings (including both our SEC-qualified token offering and our offering to investors outside the United States made under Regulation S).”

According to a filing in the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, Blockstack specifically raised $15.5 million through the sale of 74.3 million Stacks tokens through its Reg A+ sale in the U.S., and another $7.6 million through the sale (and delayed delivery) of 30.6 million tokens through its Reg S offering in Asia.

The Reg A+ sale is further divided into two lots: it raised $10.9 million by selling 36.4 million tokens directly, and another $4.6 million from 37.9 million tokens sold through a voucher program. The company expects another $66,000 for tokens sold, whose payments have not yet arrived.

Blockstack announced its sale in July, after receiving SEC clearance to raise up to $28 million through its Reg A+ sale. The Stacks token, a utility token, will be used to pay developers on its Blockstack network, as well as by the token sale participants, Ali wrote.

“Finally, our SEC-qualified offering opened the door to expand our App Mining program,” he said, adding:

“Through this program, we can start distributing Stacks (STX) tokens to developers who are building high-quality applications on the Blockstack network. Blockstack now has more than 250 apps on the network, most of them built in the last six months. The App Mining program plans to pay developers up to $1M STX by May 2020 and can potentially accelerate the growth of the Blockstack network.”

The company initially sought to raise as much as $50 million through its regulated token sale, according to its preliminary filing.

William Mougayar and Blockstack’s Muneeb Ali, at Token Summit NYC 2019. Photo by Brady Dale.