Overstock Issues Shares Using the Bitcoin Blockchain
Overstock.com, the online retailer that has been one of bitcoin’s most visible supporters among U.S. businesses, has become the first publicly-traded company to issue stock over the Internet, distributing more than 126,000 company shares using the bitcoin blockchain, according to Wired. Through a subsidiary called tØ, Overstock has spent the past two years building a blockchain-based technology to facilitate trading financial securities. Overstock Foreshadowed The Offering. The company announced in October that it would allow its stockholders to purchase shares of its preferred stock. The....
Related News
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.....
Online retailer Overstock.com has closed the first-ever Series A preferred funding round with shares sold on a blockchain. Of the total $10.9m raised from existing shareholders, about $1.9m was raised via shares traded on the tØ blockchian platform developed by Overstock.com subsidiary Medici. The Series A consisted of 126,565 shares sold on the tØ blockchain platform for $15.68. A separate Series B consisted of 569,333 shares sold using traditional technology. The company had originally set out to raise as much as $30m from selling 2m shares. Shares traded on the blockchain platform....
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....
According to multiple sources close to Overstock, the U. S. Securities and Exchange Commission (SEC) has approved a S-3 filing for online retailer Overstock.com (NASDAQ: OSTK) to issue new publicly traded shares of the company on the Bitcoin blockchain. An Overstock spokesperson declined to comment on the situation but said that the company would be issuing a formal statement in the next 48 hours. Form S-3 is a securities registration form that gives companies a simplified process for issuing publicly traded securities. Unlike Form S-1, which is the comprehensive filing required for....
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....