Overstock Files Crypto Stock Exchange Prospectus with the SEC
The Salt Lake City-based online retailer Overstock is working on a revolutionary new development: a new independent stock exchange powered by Bitcoin technology. The new stock exchange could sidestep traditional stock exchanges such as NYSE and NASDAQ and issue corporate stock directly over the Internet. Overstock, one of the first and largest online....
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In a Form S-3 filed with the SEC on November 10, Overstock.com sought approval to issue up to $500 million in new securities "from time to time" in the form of common stock, preferred stock, depositary shares, warrants, debt securities or units. But approval of this S-3 is in not an immediate sign that Overstock is issuing any securities. "This prospectus provides you with a general description of the security we may offer," Overstock wrote in its S-3. "Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that....
The Salt Lake City-based online retailer Overstock is working on a revolutionary new development: a new independent stock exchange dubbed Medici, powered by Bitcoin technology. The new stock exchange could sidestep traditional stock exchanges such as NYSE and NASDAQ and issue corporate stock directly over the Internet. In a prospectus filed with the Securities and Exchange Commission on April 24, Overstock indicated that it may issue up to $500 million in stock or other securities through an alternative trading system built upon blockchain technology that powers bitcoin. Overstock's CEO....
On Monday, Overstock CEO Patrick Byrne announced the online retailer had hired two Counterparty developers to build a decentralized stock exchange to issue corporate stock for Overstock and other companies. Byrne confirmed the exchange, code-named "Medici," would operate atop the Counterparty platform. This news caused the XCP price to soar (XCP is the native currency for the Counterparty platform). Also Read: Overstock to Donate 4% of Bitcoin Revenue to Organizations Promoting Bitcoin Adoption. Overstock Announces Decentralized Stock Exchange. Overstock CEO Patrick Byrne's announcement of....
Online retail marketplace Overstock.com has purchased a 25 percent stake in PRO Securities, following its earlier announcement to offer a stock that works on the Bitcoin technology. In April, the Patrick Byrne-led online retail giant had filed a prospectus with the Securities and Exchange Commission indicating that a stock offering may be in the offing using the technology behind the digital currency Bitcoin. The filing read, "We may decide to offer securities as digital securities....the ownership and transfer of which are recorded on a cryptographically-secured distributed ledger system....
On June 21, the wealth manager Vaneck filed a prospectus to launch what it calls a Bitcoin Strategy Fund. The prospectus filed with the U.S. Securities and Exchange Commission (SEC) explains the fund will procure bitcoin exchange-traded products and futures. Vaneck’s Fund Will Invest in Bitcoin Futures and Pooled Investments Tied to the Leading Crypto Asset While the fund manager Vaneck waits to hear a decision about its exchange-traded fund (ETF) registration, the company applied with the SEC to release a mutual fund for investors who want exposure to bitcoin. The registration....