Change: offered -20% / raised +142% / placed 100%
With the demise of Mt. Gox, it is interesting to see some activity in the bitcoin* trading platform arena. Also this substantial financing was not reported by traditional media, and the subsequent amendment make it even more interesting as it shows there’s still money flowing into bitcoin-based trading platforms. Bitreserve‘s private placement of unregistered equity was lowered by 20% to $4 million. The company reported in its last filing, a couple of months ago, a $5 million placement. The offer closed after the company raised $2.35 million from nine additional investors within a couple of months. At closing, a total of seventeen investors had subscribed to Bitreserve’s offering. The offering’s expected net proceeds amount to $3.68 million, excluding $325,000 earmarked for the payment of officers’ salaries. This was the first offering under regulation D filed by Bitreserve.
Since the company is a foreign entity, the amount offered reported to the SEC represents the portion of the placement allocated to US investors.
The stealth company is developing a bitcoin-based exchange platform according to information disclosed with its trademark registration. It seems the goal of the platform, is to offer a low volatility trading environment.
Timothy Parsa (CEO) leads the San Francisco CA based company which was registered in 2013 in the Cayman Islands. Bitreserve elected to keep its revenues undisclosed.
The executive team includes Juan Pablo Thieriot
The board of directors includes Halsey McClean Minor and Laura Childress.
Amount offered: $4 million
Amount placed: $4 million
First sale: 02-12-2014
Data as of: 05-07-2014
*The financing is outside Random Research sweet spot however it is worth reporting bitcoin related services financing with all the challenges the virtual currency has been facing lately.