Celsius Network sells two-thirds of its $15 million stock offering on day one

20. Juni 2020

The pioneering decentralized financing application (DeFi) Celsius Network has launched an equity offering through Bnktothefuture.

As of the close of this edition, the campaign has raised more than USD 10.7 million out of the maximum of USD 15 million, and has exceeded its minimum investment target of USD 10.5 million.

Thirty-nine investors have participated so far, with 44 days of collection remaining.

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The minimum investment in Celsius’s fundraising round is USD 1,000. The round is open to both U.S. and international investors.

Celsius launches an offer
In total, the offer will show 10% of the capital of Celsius Network distributed in the form of A preferred shares. The company has already allocated USD 5 million in A preferred shares to its principal investor, and USD 5 million in A1 preferred shares.

Celsius founder and CEO Alex Mashinsky discussed the increase on Twitter, stating

„You helped build brands by using them, but if you wanted to own stock in them, that was reserved for the few mega VCs who funded @Uber @Facebook @LinkedIn. Just buy them at full price when the IPO occurs. @CelsiusNetwork opened their A-round for you.“

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However, investing in a company at this stage is very risky and only available to a select group of early investors. Most projects at this stage fail according to Bnktothefuture, and investors cannot sell shares until the company is listed.

The company’s speech describes Celsius as a platform for loans and interest on crypto-currencies, with USD 6.2 billion in loans, USD 630 million in assets and more than 106,000 active purses.

About 81% of application users have made more than one deposit; the typical customer has made 8.21 deposits on average. Celsius also reports that 91% of its operating days have been net positive, meaning that more deposits have been processed than withdrawals.

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DeFi AUM exceeds USD 1 billion
Last week saw the total funds blocked in DeFi protocols testing the $1 billion for the first time since the violent ‚Black Thursday‘ crash in mid-March, according to DeFiPulse.

While funds blocked at DeFi exceeded $1 billion from June 7-9, Bitcoin Billionaire rejection of the $10 billion and the corresponding drop in cryptomarkets has reduced the value of DeFi assets under management to about $965 million.

However, DeFiPulse data does not include Celsius because many consider it a centralized project that only borders on DeFi. If included, the total value of funds blocked in the DeFi protocols would be closer to USD 1.6 billion.