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Overstock’s Share Price Surges As Crypto Subsidiary tZERO Records Its Best Month

Summary:
The popular blockchain company for capital markets, tZERO, has recorded its strongest month in May 2020 as its alternative trading system (ATS) transacted over 400,000 digital securities.Interestingly, the stock price of the parent company Overstock has increased with over 9% since the announcement from tZERO.tZERO Continues GrowingOverstock announced last month that it had completed the issuance of its Digital Voting Series A-1 Preferred Stock (OSTKO) digital dividend. It distributes one OSTKO security for every ten Overstock shares held by investors. It’s the first dividend tracking share ownership to employ blockchain.Yesterday, the official statement from tZERO outlined “several records following the successful issuance of Overtock’s innovative dividend (OSTKO).”The company’s ATS saw

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The popular blockchain company for capital markets, tZERO, has recorded its strongest month in May 2020 as its alternative trading system (ATS) transacted over 400,000 digital securities.

Interestingly, the stock price of the parent company Overstock has increased with over 9% since the announcement from tZERO.

tZERO Continues Growing

Overstock announced last month that it had completed the issuance of its Digital Voting Series A-1 Preferred Stock (OSTKO) digital dividend. It distributes one OSTKO security for every ten Overstock shares held by investors. It’s the first dividend tracking share ownership to employ blockchain.

Yesterday, the official statement from tZERO outlined “several records following the successful issuance of Overtock’s innovative dividend (OSTKO).”

The company’s ATS saw over 423,000 digital securities changing hands in May 2020. It’s the best result ever registered by tZERO, representing a 4x increase compared to May 2019.

“We had four times the trading volume last month, compared to May 2019. Having significantly enhanced the liquidity on our platform, we are positioned to offer issuers and investors the best trading experience for tokenized securities.”- commented tZERO CEO Saum Noursalehi.

The statement also indicated that the tZERO ATS accounted for over 95% of all security token volume in May, which underscores “the company’s market-leading position in the evolving digital security ecosystem.”

Last month, tZERO’s trading platform also marked impressive growth in newly registered investors. Due to these combined developments, the total volume traded on the ATS has surged in the first five months of 2020 by 50% compared to the same period last year.

The company also has a designated application for cryptocurrency trading dubbed tZERO Crypto app. Operated by a subsidiary called tZERO Crypto Inc, the app also noted a rise of the user base by 15% in May, which is “the highest monthly account increase to date.”

Overstock Shares React

tZERO is a subsidiary of Medici Ventures, which is wholly-owned by Overstock. The shares of Overstock (OSTK) have been increasing since they bottomed during the mid-March dips. At the time, one company stock traded at $2.47, while now it has jumped by 870% to nearly $24.

Moreover, since tZERO announced its record month yesterday, the price of Overstock’s shares has surged by 9% in the past 24 hours alone.

Overstock’s Share Price Surges As Crypto Subsidiary tZERO Records Its Best Month
Overstock (OSTK) Share Price. Source: TradingView

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