Value of Overstock Stocks Grew Up After Closing of TZERO Trades and Messages about Partnership with GSR Capital
August 9, CNBC reported that the value of shares of Overstock increased by 21%. It is reported that the increase in value occurred after the tenders were closed tZERO and GSR Capital announced their intention to invest 270 million dollars in the tZERO token.
As you know, the companies signed an agreement, according to which GSR Capital invests about 374.55 million dollars in Overstock, receiving in exchange shares of tZERO and Overstock. $ 30 million will be spent on the purchase of tZERO tokens. Another $ 270 million will go to invest in Overstock, which will bring GSR 18% stake in the company, which is estimated at 1.5 billion dollars.
As the data show, in just a few hours, the value of the company’s shares increased by 4.47% and reached $ 38.6 per share. The general director of tZERO, Saum Nursalehi, said:
“We are honored to have GSR Capital as a strategic investor. The tokenization of securities has the potential to disrupt global capital markets responsible for moving hundreds of trillions of dollars. Together with our partners, we will globalize our blockchain-based platform, bringing more efficiency, liquidity, and trust to capital markets.”
As you know, earlier this year tZERO and GSR Capital signed an agreement to buy tokens worth $ 160 million. The cost of one token, according to the contract, is $ 10. In addition, tZERO “entered into executed SAFEs [Simple Agreements for Future Equity] in excess of $168 million for Security Tokens, of which over $95 million has been already funded.”
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