TenX Protocols, a company specializing in blockchain infrastructure with a focus on staking and validator operations, will commence trading on the TSX Venture Exchange (TSXV) on December 10, using the ticker symbol “TNX.”
This listing follows the completion of subscription receipt financings totaling C$29.9 million ($22 million), tied to its go-public transaction, as announced by the company on Wednesday. The total capital raised in 2023 surpasses C$33 million, which includes a C$3.5 million seed round finalized in March.
Subscription receipts are a widely used financing mechanism in Canada. They enable companies to raise funds prior to completing transactions such as acquisitions, reverse takeovers, or other listing processes. Investors contribute capital before the event occurs, but receive subscription receipts instead of immediate shares, which convert into shares upon deal closure.
TenX intends to utilize the funds to purchase tokens from high-throughput blockchain networks and stake them to enhance network security. Additionally, the company will invest in its own infrastructure products and services.
The financings comprised brokered and non-brokered private placements, priced at C$0.75 per subscription receipt, with a portion of the proceeds provided in digital assets, including SOL, SEI, and USDC, according to the company.
Borderless Capital, BONK Contributors, DeFi Technologies, HIVE Blockchain Technologies, and Chorus One are among the listed investors.
“Canada has continuously been a leader in connecting the crypto landscape with a wider investor base through public markets,” stated Alex Tapscott, an adviser to TenX Protocols, in an email.
TenX claims to offer public market exposure for staking and validator activities across networks such as Solana, Sui, and Sei, along with treasury management and related services.
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