High-end bitcoin brokerage River Financial raised $17.3 million in a recent equity sale, according to documents filed with the U.S. Securities and Exchange Commission (SEC) Thursday.
Form D filings reveal two-year-old River aims to raise nearly $500,000 in additional funding for a total of nearly $17.8 million. The firm reported 34 backers in its latest filing but none of them were known at press time.
It was not immediately clear if the $17 million figure includes funds from the $5.7 million seed round River completed last July with backing from Castle Island Ventures, Slow Ventures and a slew of other VCs. Partners at those firms did not respond to multiple CoinDesk inquiries.
CEO Alexander Leishman acknowledged in a brief phone interview Thursday the brokerage was considering pursuing additional funding. He confirmed in a Friday follow-up that River’s counsel had submitted documents to the SEC but declined to elaborate on the round.
The SEC requires private companies notify the regulator of equity sales within 15 business days of the first sale in a round. The documents filed Thursday with the SEC state River Financial completed its first sale of the round on Jan. 28, 2021.
River’s equity filing comes as the bitcoin-only brokerage embarks on a massive hiring push across compliance, client acquisition and engineering, with at least seven positions open for a team currently only 16 strong, according to the website.
Software job postings indicate River intends to build new services for its iOS app, and is considering taking steps to bolster account security and develop “novel performance reporting features,” projects it offers as examples to prospective hires.
Read the filing:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.