UPDATE (18th December 11:56 BST): Subsequent to publication, Overstock published a press release at 11:31 BST, which announced that tZERO's sale of Simple Agreements for Future Equity had opened. The release confirmed a hard cap of $250 million, and a presale for "strategic purchasers" through January 18. A subsequent sale period may run through February 18. Either sale period may be changed at any time by the company. Both are limited to accredited investors.
The sale's white paper is only being shared with accredited investors, according to a spokesperson.
A planned initial coin offering (ICO) for Overstock blockchain subsidiary tZERO, scheduled to go live at midnight Monday, has yet to launch as originally anticipated.
While little is known about the now nearly day-long delay, a countdown clock on SAFTLaunch.com, the issuance portal for tZERO's token, has expired without any update to the company's website or social media accounts. Indeed, CoinDesk's calls to key Overstock executives, including CEO Patrick Byrne, went unreturned or unanswered today.
What is known, however, is that the delay has now occurred for longer than initially planned. An hour after the countdown clock expired, at around 6:00 UTC this morning, tZERO's public relations lead confirmed to CoinDesk that the sale had been delayed until 19:00 UTC. But as that time has passed and the countdown clock has again expired, the sale has still yet to launch.
TZERO's website currently now shows the countdown to sale at "00:00:00:00," but there's no indication that the sale is live. And the sale is still shown as an "upcoming deal" on SAFTLaunch.com.
One interested investor contacted CoinDesk to say that SAFTLaunch has not been replying to questions about the sale, and some participants on social media reported similar issues.
The news is potentially impactful as TZERO's token sale was expected to be the largest in the cryptocurrency industry's history, seeking to raise $250 million according to statements Byrne gave to Yahoo Finance today.
The token has been touted as a way to pay the fees associated with various services on tZERO's alternative trading system (ATS), such as its digital locate receipts, which the company created, as Byrne notes, to eliminate the controversial practice of "naked short selling."
CoinDesk is following this developing story.
Additional reporting by Michael del Castillo.
Image via TZERO website
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at email@example.com.
Bakkt CEO: Crypto Trading Platform Won't Support Margin Trading
Two weeks after the Intercontinental Exchange (ICE) introduced Bakkt, a new digital assets platform, the latter's CEO has set out to explain what the service will offer consumers.
Bakkt chief execu
Blockchain Firm to Raise $24 Billion for Electric Bus Upgrades in China
Blockchain and AI technology company Seven Stars Cloud Group has scored a major deal to help raise $24 billion to fund large-scale electric bus upgrades for China's biggest full-service operator.
SEC Faces Thursday Deadline for ProShares Bitcoin ETF Decision
Less than a month after delaying a decision on a bitcoin-based exchange-traded fund (ETF), the U.S. Securities and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed
Blockchain Enters 'Trough of Disillusionment' on Gartner's Hype Scale
Interest in blockchain technology is waning, research firm Gartner said in its latest "Hype Cycle for Emerging Technologies" report.
Gartner included blockchain, along with four other emerging tech
District Judge Forms Blockchain Law Study Group in South Korea
A group of judges, lawmakers and industry experts in South Korea are forming a new group aimed to discuss legal issues surrounding blockchain technology.
Called the Blockchain Law Society, the grou
SBI Holdings Again Invests in Crypto Exchange Under Scrutiny
SBI Holdings, the investment arm of Japanese financial giant SBI Group, is making a new round of investment in a cryptocurrency exchange that's under increased scrutiny from the country's financial re
21-Year-Old Trader Prosecuted Over Bitcoin Money Laundering
A 21-year-old bitcoin dealer from California is being prosecuted for allegedly committing numerous counts of illegal money transmission and money laundering.
According to an announcement from the D
Police Arrest Hackers Suspected of Stealing $87 Million in Crypto
Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.
Chinese news agency Xinhua reported on Saturday