- The company distinguishes itself by catering to long-term investors.
- Stash raised the whole $52.6 million from twelve investors, meeting its goal for the offering.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC) on Friday, popular investing app Stash Financial Inc. has raised $52.6 million in a debt offering after it began accepting cryptocurrency investments earlier this month.
The company distinguishes itself by catering to long-term investors. Rather than promoting more frequent, riskier trading for short-term gains as mentioned by Stash’s president and co-founder Ed Robinson.
Crypto Offering to 2 Million Users
It was reported that the offering started on September 6th. Stash raised the whole $52.6 million from twelve investors, meeting its goal for the offering. Sarah Spagnolo, vice president of communications for Stash, told that the offering is comprised of convertible debt from both new and current investors. Debt instruments that may be converted into equity, such as shares of the issuing corporation, are called convertible debt.
Stash now offers its over two million active customers in the United States access to eight different cryptocurrencies in dedicated crypto accounts as of October 4. The investing platform is provided by Apex Crypto, a division of Apex Fintech Solutions. By the end of January, Stash has made its fully managed Smart Portfolio account type available to customers interested in cryptocurrency. These accounts get exposure to digital assets like bitcoin and ether through two trusts overseen by digital asset manager Grayscale.
Earlier in 2021, in February, investment company Eldridge led a Series G funding round that brought approximately $125 million for Stash. Besides Owl Ventures, Goodwater Capital, and Entree Capital, T. Rowe Price Associates-advised funds and accounts were also investors.
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