Overstock.com, Inc. said it would propose investors a new frequent shares to be traded on the company’s Tø.com platform. Overstock’s financial technology subsidiary is Tø.com and its business platform is motorized by the blockchain, Bitcoin’s underlying technology. The American online retailer will also release new preferred shares traded on traditional exchanges. Investor would be granted to select between the common stock to be traded on Tø.com or the favored shares.
At the 41st Annual International Futures Industry Conference, Overstock declared the proposal in Boca Raton, Florida. Director of Communications at Overstock Judd Bagley said, Over 1 million new shares the online retailer will issue of both common and preferred. The percentage of both common and preferred shares will rely upon demand. If there is very little demand for the preferred, then it would be 70-30 in favor of the blockchain-traded stocks, from Bagley.
Overstock.com issued the world’s first private digital bonds traded on the Tø.com platform in June 2015. It wants to do the same for its shares.