Blockstack disclosed that its $23 million revenue in 2019 came almost entirely from Stacks token sales.
Rewards received by bitcoin miners form a major chunk of the salaries paid across major proof of work (PoW) blockchains, according to Yassine Elmandjra, a cryptocurrency analyst from ARK Invest.
Blockstack is currently evaluating how it will conduct its next token offering for general miners. An IPO is one of four options.
The advance is set to expand investors' access to Stacks (STX) – especially in Asia, a "priority region" for Blockstack.
Blockstack has raised a total of $23 million through two SEC-regulated token offerings, the company announced Tuesday.