US-based e-commerce retailer Overstock announced on Thursday that GRS Capital, a private equity firm from Hong Kong, will invest up to $270 million in its blockchain unit called tZERO. After the announcement, the stock price rose over 20% in after-hours trading, to $45.40 per share.
The investment will be made based on a total valuation of tZERO at $1.5 billion, which gives GRS Capital an 18% share in Overstock’s blockchain subsidiary. Besides, the private equity firm will buy $30 million worth of tZERO security tokens from the US retailer. The Hong Kong-based firm will invest another $104.55 million in shares of Overstock itself. Thus, the total investment coming from GSR reaches $37...
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.