Overstock Faces Investor Hurdles Ahead of Blockchain Stock Sale
Overstock is lending a hand to broker-dealers as it inches closer to its blockchain-powered stock issuance. The e-tail giant said yesterday that it is working with stakeholders to boost education of how investors can successfully subscribe to the blockchain stock sale. The company first announced its intention to pursue a sale through this method earlier this year. According to Overstock, prospective buyers of those shares – which would be tied to digitized assets listed on a distributed ledger – have run into headwinds. More specifically, there have reportedly been instances in which....
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E-commerce giant Overstock’s blockchain stock sale is set to begin later this month. Overstock announced today that Connecticut-based investment bank Source Capital Group, Inc. will serve as dealer-manager for its planned blockchain-based stock offering. In March, the e-commerce giant said that it would issue its own stock via blockchain, utilizing its tØ blockchain platform to facilitate trades. During an event last month, Overstock CEO Patrick Byrne said that trading of the stock could begin as early as mid-December. Now, the company has divulged new details. According to Overstock, the....
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 retailers to accept bitcoin payments, first announced the project in October 2014. "There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain," Overstock's CEO Patrick Byrne told....
Online retail giant Overstock will begin trading blockchain-based shares of its stock in December. CEO Patrick Byrne revealed the news today at Money2020, outlining the actions investors will need to take in the run-up of the release of the shares, as well as the key dates involved in the process. As explained by Byrne, the initial sale will done as a rights offering, meaning interested investors will need to hold Overstock stock by 7th November in order to be eligible to receive shares by 10th November. On 15th November, a subscription period will open, at which time investors can decide....
On Tuesday morning at the Money 20/20 Conference in Las Vegas, Patrick Byrne, CEO of Overstock and t0, announced the historic arrival of trading publicly offered Overstock shares on the t0 blockchain. Overstock Moving Forward With t0. Starting on December 15th, individuals who purchased Overstock shares by the November 7th record date will qualify to purchase shares of its preferred stock, including preferred shares to be issued and traded exclusively on the t0 platform. As such, Overstock will become the first company to legally trade a publicly listed security on a blockchain solution.....
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....