Tag Archives: overstock

OverStock Blockchain Stock to open soon

Overstock Blockchain Stock will begin its work in December.

Patrick Byrne, CEO at Overstock, revealed this news today at Money2020, explaining how investors will be able to partecipate to the shares release, as well as the key dates involved in this process.

The initial sale will done as a rights offering, so interested investors will have to hold Overstock stock within 7th November in order to be eligible to receive shares on 10th November.

Then, on 15th November, a subscription period will open, when investors will be able to decide whether they want to take part to the offering.

During his speech, Byrne explained:

“Given our T+3 settlement, you will be a record holder by 10th November… If all goes well, it could be trading by 15th December.”

The announcement comes just a few days after Overstock cryptocurrency group general manager Judd Bagley revealed an upcoming news during a panel session on capital markets. In fact, Byrne suggested that news would be announced in August when he returned to a leadership role at the Overstock company.

Also, Byrne said he believes that the distributed ledger could be a more disruptive force than the Internet.

“My allegiance is not to bitcoin, but the blockchain. Three years ago, I realized the blockchain was going to disrupt a lot of things in our civilization,” he explained to the Money2020 attendees.

At the end of his speech, Byrne also discusses the various technology and business partnerships that allowed Overstock company to create to the forthcoming blockchain stock offer.

You can read more details about the Overstock Blockchain by reading here.

Source: Coindesk

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Overstock to place its public shares on t0 blockchain platform

During the 41st Annual International Futures Industry Conference, the American online retailer Overstock decided to issue its public shares on a proof-of-ownership blockchian called t0.
Announced in August, t0 is “built upon decentralized, cryptographically protected ledgers, which anybody can access and inspect. This ensures fairness to the entire market, without regard for size or geographic location”, explained the official website.

SEC approves Overstock’s issue on the blockchain

To do so, Overstock had to obtain a specific authorization from the Securities and Exchange Commission (SEC), who approved the issue of public shares via Internet in December.

 

sec approves overstock blockchain t0 public shares

In fact, Overstock will be the first company in the world to do a Blockchain public offering.

“This is yet another historic event: the creation of a security that will trade and settle entirely on a distributed ledger. I’ve said from the beginning that blockchain technology is going to change the world of finance forever, and we’re leading that charge”, commented t0 CEO Patrick M. Byrne (and Overstock CEO and founder) in the official press release.
This way, the company stock will be issued in two versions: one available on traditional trading systems (such as Nasdaq) and another one on t0.

 

But it is limited to…

Only the Overstock shareholders will be able to benefit from this offering, provided that they are in the records as of a date yet to be decided; also it will be limited to 1,000,000 shares of blockchain and traditional Series A preferred stock.

 

 

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio