In a landmark move for blockchain-based capital formation, First Block, Inc., Onpharma Company, and Crito Capital LLP have announced the launch of what is believed to be the first Security Token Offering (STO) on the Solana blockchain for an established U.S. operating business. The offering, a Regulation S offshore issuance for non-U.S. qualified investors, tokenizes equity in Onpharma, a dental technology company with a proven product and recurring revenue model.
The STO utilizes Solana’s high-performance infrastructure to enable atomic settlement, programmable ownership, and digital distribution. It aims to overcome the fragmentation and delays of traditional private placements by delivering near-instant on-chain settlement, secondary trading liquidity, and cross-border accessibility—all while staying compliant with U.S. securities law. Investors can participate via the dedicated portal at sto.onpharma.com.
Onpharma’s core product, the Onset EZ Pen, buffers local anaesthetic to make dental injections faster, more reliable, and more comfortable. Already used in millions of procedures annually, it sits at a post-validation, pre-scale inflection point. The global dental anaesthesia buffering market is valued at $2 billion and projected to reach $2.65 billion by 2030. Capital raised will fund expanded field sales and AI-driven direct marketing.
“This is larger than a traditional financing,” said Daniel P. Cannon, CEO of First Block. “We believe this transaction represents the beginning of the convergence between capital markets and Solana-based securities infrastructure.” Onpharma CEO Matt Stepovich added that the offering “allows us to present a validated, revenue-generating medical device platform to a wider base of qualified international investors via a structure that reflects how capital markets are evolving.”
Crito Capital, an FCA-authorised investment banking firm, is providing structuring and advisory for the deal. The move highlights growing real-world asset (RWA) tokenisation and could pave the way for further private markets digitization on public blockchains.
