On May 3, 2021, blockchain-based trading platform INX Ltd. announced it had completed the first ever SEC-registered initial public offering (IPO) of a security token. The company raised approximately $85 million in token sales from over 7,200 institutional and retail investors. INX expects to rake in over $125 million overall when combined with a pending CA$39.6 million private placement on the Toronto Stock Exchange and previously-closed private sales of shares.

According to INX, more than half of the token payments (54%) were made with some type of cryptocurrency, including Bitcoin, Ether, and the digital stablecoin USD Coin (which were converted to US dollars). The other 46% was paid from US dollar wires. Self-described as a blockchain-based platform for trading digital securities and cryptocurrency, INX plans to use the proceeds from the sale for the launch and operation of its trading platform.

The investor base was varied; INX stated that investors came from 75 countries. More than 61,000 investors were unable to partake in the IPO because of Blue Sky restrictions. The average age of an investor was 42.

The IPO is another major milestone for the legitimacy of the cryptocurrency markets. In April 2021, cryptocurrency exchange Coinbase conducted its long-anticipated IPO through a direct listing in which no shares were sold ahead of the opening.