Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Monster Inc. headphones at CES 2015. Photo: Ethan Miller/Getty Images
Monster Products, known for products like headphones, speakers, and very heavy cables, has filed with the U.S. Securities and Exchange Commission for a $300 million initial coin offering (ICO). Coindesk first reported the filing.
Why it matters: Monster will be one of a very few existing consumer companies to turn to digital tokens to raise capital. The company says that it will use the proceeds to build a network through which tokens can be used to purchase its products, as well as to finance other business activities.
Offering details:
- Monster will create 500 million tokens and will sell up to 300 million of them at $1. The remainder will be kept by the company and distributed at its discretion.
- The offering will run for one year, or less if it sells out faster.
- If the network doesn't materialize and the tokens don't become publicly tradable by June 30, 2020, token holders will be able to convert them to common stock at the rate of four tokens to one share. The tokens don't come with equity or voting rights.
- Though Monster will start with an Ethereum-based token for payments, it eventually wants to build its own blockchain.