Blockstack’s financial operations have run almost exclusively on Stacks token sales – a revenue stream the decentralized web builder said it does not expect to tap into again.

The public benefit corporation’s FY 2019 revenue – $23.3 million – came almost entirely from its Regulation A+ compliant token sale that raised over $23 million in September 2019, according to SEC filings Wednesday. Its 2017-2018 revenues came from exempted token sales, the filing showed.

Cash reserves entering 2020 totaled $18.6 million including a restricted $4.4 million that Blockstack unlocked by notching its millionth “Verified User” in January 2020. Blockstack’s definition and counting of verified users has been questioned in the past. Had Blockstack not hit the million mark it would have been compelled to