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.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff