Chicago-based bitcoin derivatives exchange Bitnomial has raised $11.6 Mln from investors for the lucrative, and exclusive, institutional U.S. market.
The CFTC [Commodities and Futures Trading Commission] regulated marketplace for bitcoin options & physically settled futures contracts disclosed the equity sale within a recent 5th Oct. filing with the United States SEC [Securities and Exchange Commission].
Bitnomial CEO Luke Hoersten didn’t immediately discuss the raise.
In line with a recent official report by ‘The Block’ indicates Hoersten sought to boost $10 Mln within a Series B round that would fund an expansion of Bitnomial’s market infrastructure, employee base as well as a product offering.
Bitnomial appears to have surpassed that benchmark: 13 anonymous investors joined the round for a complete raise of $11,644,051 USD.
The disclosure leads United States regulators’ multi-pronged crackdown on the cryptocurrency derivatives market BitMEX last week.
It’s worth revealing that Binomial’s raise notched its first sale within the weeks leading up to the BitMEX allegations.
The two firms service vastly different client bases. Bitnomial services institutional investors, whereas BitMEX plays to retail traders.