Overstock.com, Inc. (NASDAQ:OSTK) releases the following
letter to shareholders from CEO Patrick M. Byrne:
Dear Shareholders,
Recent announcements have been substantial. Rather than wait
until our earnings release is published to discuss these events, I
write now to give shareholders an explanation of the significance
of these events within the context of a general SITREP on certain
aspects of Overstock.com. Some of the materials that follow have
been previously disclosed in our last earnings call and elsewhere,
but much of what follows is new.
Because security tokenization (which I believe is the killer app
of the blockchain revolution) is studied globally, I am going to
start by talking about tZERO, then two other firms in the Medici
Ventures keiretsu, and then a general comment on the rest of the
keiretsu. I will then talk about Retail, which has rebounded
more quickly than anticipated. I will finish by discussing
strategic considerations.
1. |
Medici Ventures Blockchain |
|
|
|
|
a. |
tZERO – Blockchain Capital Markets
|
|
|
|
|
|
|
|
|
i. |
The Case for Security
Tokens – I will lay out a case that represents the best possible
outcome, for you to discount as you wish. At least shareholders
will know why I have committed such a large portion of our firm’s
resources to pursue this idea. |
|
|
|
|
|
|
|
|
|
|
|
|
1. |
Two recent articles
with which to familiarize yourself with Security Tokens (we aren’t
endorsing these articles, but think they make for good background
reading on the subject): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a. |
|
Billions to Trillions: Crypto Assets and the Inevitability of
Digitization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. |
|
Security Tokens and The
Investment Stage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
In 2018, retired
NASDAQ Chairman/CEO Bob Greifeld said (and said I could quote him
on it): “100% of the stock and bonds on Wall Street today could be
tokenized, and in five years 100% of the stocks and bonds on Wall
Street will be tokenized.” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. |
Lemma #1: “What
happens on Wall Street will happen globally.” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. |
How big are the
global asset classes that will be tokenized (if both Greifeld and
Lemma #1 are correct)? All over the world there are firms working
on tokenizing the following asset classes (N.B. they total ≈ $500
trillion). |
|
|
|
|
|
|
5. |
So, if Greifeld is
correct about Wall Street being tokenized, and if Lemma #1 is
correct that what happens on Wall Street happens globally, then in
time, ≈ $500 trillion of assets will be tokenized. Maybe Greifeld
is optimistic: maybe only all new issues will be tokenized in five
years (I think less, perhaps), but it may take another five for the
roll-over from legacy to blockchain. But, in any case, it is a big
number. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. |
How much will the
exchanges upon which those tokens trade be worth? Below please see
a list of some of the world’s major exchanges, along with their
recent value divided by the total market cap of all instruments
traded thereon. For them, you can see that exchanges are worth
0.18% of the value of the instruments that trade on them (that is
to say, just under 1/5 of 1%). |
|
|
|
|
|
|
7. |
|
If those $500
trillion in assets get tokenized, and if the exchanges that trade
the tokens follow the 0.18% valuation rule, then the value of
security exchanges globally will be $500 trillion x 0.18% =
$ 900 billion. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. |
|
Of course, lots of
things could prevent that from happening. Maybe Bob Greifeld is
wrong and not everything on Wall Street gets tokenized. Maybe what
happens on Wall Street does not happen globally. Maybe the 0.18%
relationship will not hold. Meaning: I do not know what the value
of security token exchanges is going to be in five years. But the
arithmetic looks pretty compelling. As the lawyers say, “California
highway mileage will be lower,” and “Don’t run with that stick,
you’ll poke someone’s eye out.” |
|
|
|
|
|
|
|
|
|
|
|
|
|
ii. |
I believe tZERO has a compelling lead in this
race. |
|
|
|
|
|
|
|
|
|
|
|
|
1. |
|
In April 2015,
Overstock filed a shelf registration statement on Form S-3 with
the U.S. Securities and Exchange Commission (SEC) to
register digital securities, with the ownership and transfer of
these securities recorded on a proprietary, blockchain-based
ledger. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
|
In October 2015, PRO
Securities filed with the SEC an amendment to its
Form ATS, which, among other things, described transactions in
digital securities. PRO Securities subsequently filed
additional amendments to its Form ATS. In accordance
with SEC rules, each amendment was filed at least 20
calendar days prior to implementing any material changes to the
operation of PRO Securities ATS. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. |
|
In December
2015, the SEC declared Overstock’s
shelf registration statement effective. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. |
|
In December 2016,
using tZERO-developed technologies, Overstock issued the
first SEC-registered digital security in the world, the
Blockchain Voting Series A Preferred Stock (OSTKP), and OSTKP began
to trade on the PRO Securities ATS. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. |
|
We then took two
years building an update to the security token trading system. All
of our work was done on top of existing businesses, SpeedRoute and
PRO Securities, that operate a smart-order-routing firm with
connections to approximately 150 broker dealers and all the lit
exchanges in the USA and operate the PRO Securities ATS. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. |
|
Theoretically, the
technology we are building has the capacity to handle immense
volumes. The process of moving people from legacy NMS into tZERO’s
blockchain capital market, however, is where we want to be slow,
careful, and methodical. Thus, we took this plan of
action: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a. |
|
Our first step (two
weeks ago) was converting OSTKP digital preferred shares to OSTKO,
a Digital Preferred Series A-1 stock, trading on the PRO Securities
ATS. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. |
|
In order to trade
OSTKO digital securities on the PRO Securities ATS, investors need
a brokerage account with Dinosaur Financial Group. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c. |
|
Currently and for the
time being, the tZERO preferred equity tokens that we issued in
2018 in a private placement may only be resold among accredited
investors with Dinosaur Financial brokerage accounts on the PRO
Securities ATS pursuant to Section 4(a)(7). Come August 2019,
however, they will be eligible for resales under Rule 144. At that
point investors who are not accredited investors will be able to
start trading tZERO tokens on the PRO Securities ATS (also subject
to the Dinosaur Financial Group account opening process described
above). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d. |
|
A number of other
Security Tokens are winding their way to potential trading on the
PRO Securities ATS. They need a trading venue. The team at PRO
Securities ATS has its pick of those tokens and is being selective
and vetting those tokens thoroughly. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e. |
|
Note that this all
concerns simply PRO Securities ATS. But remember that in addition,
we made a deal with Boston Options Exchange (BOX) to launch the
Boston Security Token Exchange (BSTX), the first regulated national
security token exchange. Our side of that is providing the
technology, while they bring regulatory expertise and experience
running an exchange. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i. |
As is demonstrated by the tZERO
security token and the recent news regarding OSTKO, we believe our
systems and technology are ready for wider trading. |
|
|
|
|
|
|
|
|
|
|
|
ii. |
BOX is working with the SEC to
launch BSTX. BSTX will launch shortly after regulatory approval is
granted. Because BOX is already a licensed exchange, and we
have come to know our JV colleagues well, we believe that we have a
superb partner for what lies ahead. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. |
|
Competition - The
world is beginning to understand the significance of security
tokens. Other firms understand the structural and economic
potential here, and competition has formed to build security token
exchanges and other trading infrastructure. To the best of my
knowledge, not one of our competitors has the combination of an
affiliate-operated ATS that can trade a blockchain instrument (as
we have since 2016), and has created private and public blockchain
securities (as we did with First New York and OSTKP in 2015 and
2016, respectively), and has an SEC-registered security token
(OSTKO), and has a JV with a US licensed exchange, which is
working with the SEC to launch the first regulated national
security token exchange. That’s a respectable lead. |
|
|
|
|
|
|
|
|
|
|
|
|
|
iii. |
Summary - I have made
many mistakes over the years (most recently, trying to go
toe-to-toe on growth with a copycat firm which by the end of 2019
will have lost $3 billion in its corporate history and shows no
sign of slowing). Yet I got this one right. Years ago, we saw that
security tokens were potentially the killer application of the
blockchain space, and we moved heaven and earth to build what was
needed. We bought the right foundational companies, SpeedRoute and
PRO Securities. When it came time, we carved an army of
technologists out of Overstock to build everything that tZERO
needed, spent tens of millions of dollars on lawyers and regulatory
work, and are now open for business. Trading will be
infinitesimal to begin with, but I think that in the race to seize
a share of that $900 billion value (or whatever value security
token exchanges turn out to have), tZERO has the pole
position. |
|
|
|
|
|
|
|
|
b. |
Medici Land
Governance – Blockchain Land Governance |
|
|
|
|
|
|
|
|
i. |
Of about 7.5 billion
people on earth, roughly 1/3 (or 2.5 billion) enjoy rule of law,
and roughly 2/3 (or 5 billion) do not. |
|
|
|
|
|
|
|
|
|
|
|
|
1. |
|
Those of us who are
lucky enough to live with rule of law are living next to a
waterfall we no longer hear. The ability to have protection from
force and fraud, the ability to leverage up what one owns in order
to extract capital to use in one’s life-projects, the ability to
enter into consensual exchanges and expect the terms of a deal to
be enforced, create opportunities for people to combine their
skills, energies, and capital in order to generate
progress. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
|
Those who live
outside the rule of law lack these benefits. Instead, their lives
are ruled over by various kinds of tyrants who use their positions
to extract rents from the unfortunate. Some of those tyrants are
local strongmen who make an informal economy function. Some are
government bureaucrats who demand la mordita (“the little bite” in
Mexican slang) in order to execute public responsibilities. Their
ability to predate on their fellow citizens is an expression of the
lack of rule of law that exists there. |
|
|
|
|
|
|
|
|
|
|
|
|
|
ii. |
Land governance is
fundamental to rule of law and a well-ordered society. Its
foundational role to progress was known to the Hebrews (see the
Book of Joshua) and the Greeks (whose classical age began when they
developed a land governance system that let them settle inland from
simple shoreline villages). The reason for this is that land is
immovable, and thus ownership of land provides a mechanism of
enforcement against its owner. Put more clearly: Rule of law
obtains its purchase on individuals through enforcement, and the
one form of enforcement that cannot be escaped is any that concerns
a person’s land. Thus, land governance is the foundation upon which
rule of law begins and from which its many benefits flow. |
|
|
|
|
|
|
|
|
|
|
iii. |
We believe that
accurate, inexpensive, and incorruptible land governance can be
brought to areas of the world that lack it via the intersection of
blockchain, mobile apps, drones, and other remote sensing
technologies. At the same time, local and national governments can
develop a tax revenue basis more quickly through these technologies
than any other way. |
|
|
|
|
|
|
|
|
|
|
iv. |
Our strategy has been
to get on the ground in various developing countries, learn what
their needs and bottlenecks are, and develop those system
components on a free(-ish) basis. Our various projects over the
last year, from Rwanda, Teton County Wyoming, and to Tulum are
letting us build a beautiful set of components that, when snapped
together, honed, and burned in, will be the premier land governance
system in the world, capable of operating at a fraction of the cost
and at many times the speed of other systems in the field. Because
citizens can access their records through biometrically-secured
mobile apps, opportunities for predators (whether in uniforms or
not) to extract la mordita will be reduced. Where the blockchain
expands, there will corruption (long the bane of African
development) be choked out. |
|
|
|
|
|
|
|
|
|
|
v. |
Where’s the money for
our shareholders? It is easy: Public Private Partnerships such as
we are pursuing and have one signed, in Zambia, will give us a cut
of the tax revenue our systems raise for the government involved.
This gets all incentives aligned properly. We feel quite
comfortable with the economic return such deals present to our
shareholders. There are also trillions of dollars in value in
global mineral reserves that cannot be accessed by the mining firms
which access the public capital markets and have difficulty
conducting operations where land governance is not clearly
established because of various laws and regulations that go back to
the 1940s. We believe our work can unlock those values. In the
process of unlocking such tremendous values, there should be a few
shekels for us, and mountains of shekels that will come into the
possession of the world’s poorest. |
|
|
|
|
|
|
|
|
c. |
Bitt – Blockchain
Central Banking. |
|
|
|
|
|
|
|
|
i. |
The Vision
– |
|
|
|
|
|
|
|
|
|
|
|
|
1. |
|
Consider a failed
state, such as ones that have long existed in the Middle East, and
more recently, Latin America. Its financial system has collapsed,
its currency is in ruin, and settlement for all but the simplest
and most primitive of transactions has become difficult. The
government has lost control of the monetary system, both in the
sense of being unable to manage it, and, quite likely, being unable
to surveil it properly. What are the quantities and velocities of
money in places like Syria and Venezuela? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
|
Bitt shows up with
its “Central Bank on a Laptop.” We say, “Madame Central Banker, now
when you wish to issue currency, you just take this laptop, type in
a key which you keep stored in your Central Banker’s vault and
generate your currency. Everyone in the country downloads a free
app on their phones. You are going to push them the digital
currency through whatever social payments scheme your country has,
or by paying for various government projects with digital
currency.” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. |
|
As digital (i.e.,
blockchain) money gets into the economy, the ability of the
government to surveil and tune the money supply will exceed any
form of money previously in existence. It will also allow
businesses and entrepreneurs within the failed state to resume
normal operations without rebuilding a legacy financial
system. |
|
|
|
|
|
|
|
|
|
|
|
|
ii. |
The Reality
- |
|
|
|
|
|
|
|
|
|
|
|
1. |
|
For about well over a
year, Bitt’s mMoney wallet has been used in Barbados to transact by
hundreds of establishments and by thousands of citizens. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
|
Our deal with the
Eastern Caribbean Central Bank is to build out the blockchain
Central Bank which will do what I described above. That part of the
system is being built in collaboration between our Barbados
engineers and our Utah Medici team, displaying precisely the
synergies and human capital development that we anticipated when we
first approached the authorities in Barbados about the potential of
this investment three years ago. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. |
|
Barbados has a couple
hundred thousand residents. The Eastern Caribbean Currency Union
(ECCU) has about 600,000 residents. As we develop and deploy these
systems into larger and larger countries, the fees generated by
economic activity running through our apps will generate the income
necessary to make this an attractive investment. |
|
|
|
|
|
|
|
|
|
|
|
d. |
How this all stacks
up - Note that land governance (MLG), Bitt, and tZERO form a stack:
in order, these layers generate raw capital (via land governance),
digital money (via Bitt), and a digital capital market to marry
that capital to businesses (perhaps we may also release a
peer-to-peer lending app on top of the mobile wallet, so that at a
small scale people can save and share capital with entrepreneurs on
terms they freely negotiate, all without intervening institutions).
For 75 years we of the Developed Countries have been telling the
Less Developed Countries to copy our Western institutions, our
financial systems, our banks, our regulatory models, etc. It worked
poorly. The plan I just described lets LDCs leapfrog our legacy
institutional design and go from struggling nation to a
near-frictionless (blockchain-based) governance systems, all while
shrinking corruption. |
|
|
|
|
|
|
e. |
Other – We have
other blockchain projects. Some concern voting, some concern supply
chains for wine and grain, etc. We are excited about the field in
general. But the three outlined above are the three in which the
word “trillions” shows up in discussions. |
|
|
|
|
2. |
Retail |
|
|
|
|
a. |
The core earning
power of our retail business has snapped back more quickly than I
expected. It is time to take honest stock of how we got here and
where we are. I will address this by explaining where we
were, what happened, how we
corrected, and where we go from
here. |
|
|
|
|
|
|
b. |
Where we
were - For years we were nearly the only GAAP-profitable
e-commerce pureplay in existence: |
|
|
c. |
What
happened - Wayfair showed up with its unique financial
model (below). Note that the blue line below represents Wayfair’s
fixed expenses, and the blackline shows Wayfair’s Contribution
Margin (that is to say, Wayfair’s gross profit minus marketing
costs). Put differently, Wayfair will stop losing money and become
profitable when these lines cross sometime in the future: |
|
|
|
The grandees of Wall Street operate in a Riemannian
space where those two lines are just about to intersect. I am a
Bear of Little Brain, however, and in the Euclidean universe in
which I live, those lines do not appear to be going to cross
anytime soon. In fact, I note that by the end of 2019, nearly $3
billion will have been lost by Wayfair over its entire corporate
history, trying to drive that black line so it reaches the blue
line. In the meantime, however, Wayfair’s unique financial model
(having fixed costs grow to $1.2 billion while their Contribution
Margin is flattening out around $600 million) has seriously
distorted the industry within which we operate.I made a terrible
mistake in trying to emulate them for a few quarters, and the
result was a deterioration in our earnings: |
|
|
|
|
d. |
How we
corrected: At the start of 2019 I told you that Retail
EBITDA for 2019 would be ≈ $115 million improvement from 2018,
through a combination of a $33 million reduction in expenses and an
$82 million improvement in Contribution. It looks to me now as
though that our improvement will be ≈$120 million.
|
|
|
|
|
|
|
|
i. |
In the first half of
2019 we took an axe to expenses, trimming payroll in Utah by about
30%. The reduction in force was heavily skewed away from
technologists and scientists and towards business staff, so that we
are approaching a 50-50 split. Though any such reduction is
painful, everything seems to be running smoothly. |
|
|
|
|
|
|
|
|
ii. |
In the first half of
2019 our contribution soared, so that I now move my estimated
projection for its improvement this year from $82 million to
>$90 million. As a result of our belt-tightening and return to
optimization of Contribution, we have already reached the point
that our monthly Contribution covers our Retail cash expense
structure: |
|
|
e. |
Where we go
from here -
|
|
|
|
i. |
Retail’s recovery in
2019 has been exceeding expectations. I have raised our 2019 Retail
Adjusted EBITDA estimate from $10 million to $15 million to (now)
$17.5 million to reflect this growing strength. |
|
|
|
|
|
|
|
|
ii. |
Additionally, in June
our SEO rankings on Google took another big step in recovery, and
some of this improvement was taken out of the hide of Wayfair
(which means the point where their two lines will cross just got
moved farther out). |
|
|
|
|
|
1. |
Strategic
considerations - |
|
|
|
|
a. |
Assume we come through on this ≈ $120 million improvement this
year. Then it is not hard to imagine some healthy fraction of that
to follow next year ceteris paribus, given the way products
develop. That means that for 2020, Retail should generate enough
cash to substantially cover Blockchain’s operating cash burn. Thus,
an important strategic consideration to note is that we are not in
a place that we have to sell. |
|
|
|
|
|
|
b. |
Please, shareholders, do not believe anything reported about what I
say about Retail unless you hear me say it
on a conference call or on TV, or in a printed statement from the
firm such as this. |
|
|
|
|
|
|
c. |
We will sell the Retail business if it makes sense and we get a
good offer for a good home for it. Otherwise we will operate the
retail business as though we are going to hold it forever. We
will run it with a goal to maximize profit, which will fund our
world-changing blockchain innovations, while we leverage its
significant traffic to introduce our consumer-facing blockchain
products to the world. |
Once again, it seemed like a good time for to be sure that the
market has the proper information about our firm. We think we are
in a good place, and things are looking up from here. Thank you for
being part of this. Exciting days ahead.
Your humble servant,Patrick
About Overstock.comOverstock.com, Inc.
Common Stock (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred
Stock (tZERO platform: OSTKO) / Series B Preferred Stock
(OTCQX:OSTBP) is an online retailer and technology company
based in Salt Lake City, Utah. Its leading e-commerce website
sells a broad range of new products at low prices, including
furniture, décor, rugs, bedding, home improvement, and more. The
online shopping site, which is visited by nearly 40 million
customers a month, also features a marketplace providing customers
access to millions of products from third-party sellers. Overstock
was the first major retailer to accept cryptocurrency in 2014, and
in the same year founded Medici Ventures, its wholly-owned
subsidiary developing and accelerating blockchain technologies to
democratize capital, eliminate middlemen, and re-humanize commerce.
Overstock regularly posts information about the company and other
related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and
Worldstock are registered trademarks of Overstock.com,
Inc. O.biz and Space Shift are also trademarks
of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the property of
their respective owners.This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements include all statements
other than statements of historical fact. Additional information
regarding factors that could materially affect results and the
accuracy of the forward-looking statements contained herein may be
found in the Company's Form 10-Q for the quarter ended March
31, 2019, which was filed with the SEC on May 9,
2019, and any subsequent filings with the SEC. Overstock
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in its expectation with regard thereto
or any change in events, conditions, or circumstances on which any
such statement is based. This press release is neither an offer to
sell, nor a solicitation of an offer to buy, any securities, nor
shall there be any sale of any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Investor Notice Investors should note that
trading Digital Voting Series A-1 Preferred Stock could involve
substantial risks, including no guarantee of returns, costs
associated with selling and purchasing, no assurance of liquidity
which could impact the price and ability to sell, and possible loss
of principal invested. Further, an investment in single Series A-1
Preferred Stock could mean lack of diversification and,
consequently, higher risk.
Investors trade Digital Voting Series A-1 Preferred Stock on the
PRO Securities ATS only through a brokerage account established
with Dinosaur Financial Group, a subscriber to the PRO Securities
ATS, with clearing and custody provided by Electronic Transaction
Clearing, a registered broker-dealer, and Computershare as transfer
agent.
No Offer, Solicitation, Investment Advice or
RecommendationsThis release is for informational purposes
only and does not constitute an offer to sell, a solicitation to
buy, or a recommendation for any security or token, nor does it
constitute an offer to provide investment advisory or other
services by the Overstock, tZERO or any of their affiliates,
subsidiaries, officers, directors or employees. No reference to any
specific security or token constitutes a recommendation to buy,
sell or hold that security or token or any other security or token.
Nothing in this release shall be considered a solicitation or offer
to buy or sell any security, token, future, option or other
financial instrument or to offer or provide any investment advice
or service to any person in any jurisdiction. Nothing contained in
this release constitutes investment advice or offers any opinion
with respect to the suitability of any security or token, and the
views expressed in this release should not be taken as advice to
buy, sell or hold any security or token. In preparing the
information contained in this release, we have not taken into
account the investment needs, objectives and financial
circumstances of any particular investor. This information has no
regard to the specific investment objectives, financial situation
and particular needs of any specific recipient of this information
and investments discussed may not be suitable for all investors.
Any views expressed in this release by us were prepared based upon
the information available to us at the time such views were
written. Changed or additional information could cause such views
to change. All information is subject to possible correction.
Information may quickly become unreliable for various reasons,
including changes in market conditions or economic
circumstances.
About tZEROtZERO Group,
Inc. (“tZERO“) is a majority owned subsidiary
of Overstock.com, focusing on the development and
commercialization of financial technology (FinTech) based on
cryptographically-secured, decentralized ledgers – more commonly
known as blockchain technologies. Since its inception, tZERO has
pioneered the effort to bring greater efficiency and transparency
to capital markets through the integration of blockchain
technology. For more information on tZERO, please
visit: https://www.tzero.com/.
tZERO is not a registered broker-dealer, funding portal,
underwriter, investment bank, investment adviser or investment
manager, and is not providing brokerage, investment banking or
underwriting services, recommendations or investment advice to any
person, and does not provide any brokerage services. tZERO takes no
part in the negotiation or execution of secondary market
transactions for the purchase or sale of securities and at no time
has possession of investor funds or securities in connection with
such transactions.
About PRO Securities, LLCPRO Securities,
LLC is a broker-dealer registered with the SEC and a
member of FINRA and SIPC. More information about PRO
Securities may be found at www.finra.org.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From Apr 2024 to May 2024
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From May 2023 to May 2024