Online retail giant Overstock will begin trading blockchain-based shares of its stock in December.
CEO Patrick Byrne revealed the news today at Money2020, outlining the actions investors will need to take in the run-up of the release of the shares, as well as the key dates involved in the process.
As explained by Byrne, the initial sale will done as a rights offering, meaning interested investors will need to hold Overstock stock by 7th November in order to be eligible to receive shares by 10th November. On 15th November, a subscription period will open, at which time investors can decide whether they want to partake in the offering.
Byrne told the audience.
“Given our T+3 settlement, you will be a record holder by 10th November… If all goes well, it could be trading by 15th December.”
The reveal comes just days after Overstock’s cryptocurrency group general manager Judd Bagley hinted at an upcoming announcement in an earlier panel session on capital markets. (Byrne had suggested the news was forthcoming as early as August when he returned to a leadership role at the company following a leave of absence).
Onstage, Byrne indicated his belief remains that the blockchain could prove to be a “more disruptive force” than the Internet.
“My allegiance is not to bitcoin, but the blockchain. Three years ago, I realized the blockchain was going to disrupt a lot of things in our civilization,” he told attendees.
Byrne used the remainder of the talk to discuss the various technology and business partnerships that enabled Overstock to build up to the forthcoming stock offering.
Additional details about the offering can be found in the full press release.
Image via Pete Rizzo for CoinDesk