tZero, a subsidiary of Overstock(NASDAQ:OSTK) and an important element of their blockchain strategy, has filed an updated Form D with the Securities and Exchange Commission.
There Reg D filing highlights the security token offering that tZero recently closed. The results were discussed in the most recent earnings call held by Overstock where founder Patrick Byrne said they believe that Security Tokens are an “innovation of historic proportions” and they are leading the field.
The filing indicates that in aggregate $134 million was sold out of a target of $250 million. The offering included a Reg S for foreign investors. The total number of investors who participated in the offering is pegged at 920, down slightly (1,007) from the previous Form D filed at the beginning of the year. The update also includes the commission paid ($1.9M) on the sale – a standard practice.
tZero reported earlier this month that Hong Kong based GSR Capital had signed a repurchase agreement to acquire some tokens while investing in tZero equity of up to $270 million at a post money valuation of $1.5 billion.
tZero expects to be trading their own security token later this year, perhaps becoming the first regulated exchange in the US to offer securities on blockchain. The company also expects to start on-boarding outside issuers beginning in Q4.
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