Overstock is lending a hand to broker-dealers as it inches closer to its blockchain-powered stock issuance.
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According to Overstock, prospective buyers of those shares – which would be tied to digitized assets listed on a distributed ledger – have run into headwinds. More specifically, there have reportedly been instances in which broker-dealers simply aren’t sure how to go through the process.
Overstock is expected to issue as many as 2 million shares, and could raise as much as $30m from the effort. The e-tailer launched its crypto-backed exchange, dubbed tø, in August 2015.
The e-tail giant said yesterday that it is working with stakeholders to boost education of how investors can successfully subscribe to the blockchain stock sale. The company first announced its intention to pursue a sale through this method earlier this year.
"We're engineering an entirely new approach to finance, and as such, a steep learning curve among broker-dealers is not surprising. We’re working with all the involved players and are confident that with just a little patience, individuals on both ends of this transaction can navigate it successfully."
Overstock CEO Patrick Byrne said of the effort:
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