Boston Security Token Exchange (BSTX), a platform jointly owned by BOX Digital Markets and Overstock’s blockchain arm tZERO, has filed an application with the United States Securities and Exchange Commission (SEC) to approve the launch of a market for publicly traded registered security tokens. In the rule change proposal released by the SEC on Oct. 11, BOX asks the commission to “adopt rules to govern the trading of equity securities on the Exchange” which “would operate a fully automated, price/time priority execution system for the trading of ‘security tokens.’” Establishing its own listing standards The firm also hints at having …
The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11. According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent. In an open letter to investors, which Byrne reportedly signed "your humble servant," he pointed out several reasons for shareholders not to be concerned about his decision, saying “don't worry, I'm …
Two Nevada citizens agreed to settle a lawsuit filed by the U.S. Security and Exchange Commission (SEC), which accused them of profiting from the illegal sale of stocks of UBI Blockchain Internet Ltd., Bloomberg reported July 2. On Monday, the SEC filed a lawsuit in a New York federal court, accusing Nevada attorney T.J. Jesky and his firm’s manager Mark F. DeStefano of earning around $1.4 million by illegally selling shares in UBI Blockchain Internet Ltd. from December 2017 to January 2018. UBI Blockchain Internet Ltd., formerly known as JA Energy, is a Hong Kong based company engaged in the …
On June 5, retail giant Overstock became the first company to offer a corporate bond, valued at US$25 million, as crypto securities to qualified institutional investors. The offering is part of the company’s bitcoin blockchain-based initiative called Medici. Overstock CEO Patrick Byrne stated in a press release: "The crypto revolution has arrived on Wall Street. We're making it official by offering the world's first crypto security.” The crypto securities, or stocks, will be powered and issued by Overstock’s TØ.com platform, which Overstock said “refers to the fact that trades on the system securely settle same day, as opposed to three …
Overstock takes steps toward issuing blockchain-secured stocks by purchasing a 25% stake in trading firm Pro Securities. Following their March application to the U.S. Securities and Exchange Commission (SEC) to issue US$500 million worth of blockchain-secured crypto stocks, Overstock has started securing the plan for the opening of their Medici stock market. By acquiring a stake in a trading firm, which is rumored to be valued at US$250,000, Overstock has lined up the “alternative trading system” needed to actually allow interested investors to purchase crypto stocks. Pro Securities is already registered with the SEC in this capacity, reducing the amount …