tZero, a subsidiary of Overstock and led by founder Patrick Byrne, has filed an updated Form D with the Securities and Exchange Commission (SEC). tZero is in the midst of an initial coin offering (ICO) which is listed on Saftlaunch. tZero is a bit of a trailblazer as the announced digital currency is actually preferred equity, according to an earlier announcement.
The Form D indicates that tZero has now raised $49,139,448 (with a filing date of February 8th) out of a total target raise of $250,000,000.
This is an amended filing so what has changed? At first blush, that is not quite clear. The securities being sold are indicated as equity options.
tZero indicates that 398 investors have backed the offering to date. The comes out to be an average of $123,466 per investor. The tZero offering is only available to institutional and select accredited investors at least in the US.
tZERO is a platform that seeks to bring greater efficiency and transparency to capital markets through the integration of Blockchain or distributed ledger technology. tZero has become a high profile ICO not only due to Byrne’s advocacy but what it wants to do to all regulated exchanges.
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