tZERO, a wholly owned subsidiary of Overstock (NASDAQ:OTCK), reports that it has integrated its broker-dealer with FlexTrade, an execution and order management platform, and thus D.A. Davidson & Co. may commence trading on the tZERO ATS.
Davidson customers are now able to trade Overstock’s Series A-1 shares (OSTKO). tZERO says its ATS now has seven active subscribers and has signed two additional agreements with progressive broker-dealers interested in trading digital securities.
“Growing the number of broker-dealers subscribed to the ATS remains a top priority and today’s announcement. We are pleased that D.A. Davidson is live and trading on the tZERO ATS. Growing the number of broker-dealers subscribed to the ATS remains a top priority and today’s announcement marks an important milestone in expanding investor participation on our platform.”
Monte Giese, President of Equity Capital Markets for D.A. Davidson, commented:
”We are committed to providing liquidity and best execution services to a wide range of institutional and corporate investors, including many of the largest mutual fund and money managers in the world. We are excited to now provide them with access to Overstock’s innovative digital preferred shares via the tZERO ATS.”
tZERO is seeking to lead the transition to digital securities by providing a full-stack platform for digital assets by leveraging blockchain technology.
Shares in Overstock have risen dramatically this year capitalizing on its eCommerce platform while benefitting from a broad-based market rally. Shares in Overstock started the year in single digits. It hit a 52 week high in mid-2020 at around $128/share. Today, Overstock trades around $58/share.