Elevated Returns says it has wrapped up an $18 million token sale tied to the St. Regis Aspen Resort, a property the firm purchased back in 2010. The Colorado resort sits beneath Rocky Mountain views
Elevated Returns says it has wrapped up an $18 million token sale tied to the St. Regis Aspen Resort, a property the firm purchased back in 2010. The Colorado resort sits beneath Rocky Mountain views and became the first real estate asset to undergo tokenization. The company issued the Aspen Digital token to give investors a stake in the property through blockchain. Elevated Returns also moved to acquire 24.9 percent of Bangkok-based Seamico Securities, part of its expansion into Southeast Asia.
Word of the tokenization plan for the single-asset real estate investment trust emerged in August. Indiegogo, the crowdfunding platform, announced at that time it was entering the securities token market and offering users a chance to own a tokenized share of common stock in the resort. Elevated Returns had set aside at least $12 million for security token investment. Now, roughly two months after the August announcement, the company has closed the offering.
The transaction ran through Templum Markets LLC, registered with both FINRA and the SEC. Templum hosted the initial token sale, with secondary trading taking place on its Alternative Trading System. Unlike utility tokens, security tokens represent ownership stakes in real assets such as property, stocks, bonds, or venture funds.
"Closing the Aspen Digital token represents more than another asset-backed coin," Jason Kirschenbaum, director at Elevated Returns, said. "It establishes a template for how real estate tokenization will unfold. The real estate investing of the future will feature global reach, clear ownership, access for all investors, and markets where trading never stops. Blockchain technology makes all of these things possible."
Seamico Securities, founded in 1974, runs a brokerage business handling securities trading, derivatives, investment advisory services, underwriting, online trading, and securities borrowing and lending. Elevated Returns recruited Innotech Asset Management, a Seamico subsidiary, to establish itself in Asia and offer institutional investors across the region exposure to digital assets.
"This placement gave our company and our partners invaluable knowledge," Stephane De Baets, president of Elevated Returns, said. "It showed us the blueprint for what an integrated international operation should resemble as we move forward as pioneers in this field."
