Overstock.com subsidiary tZero raised $134 million in its security token offering, the company said Thursday. The announcement – revealed as part of Overstock’s second-quarter results – was paired with a separate disclosure revealing that Hong Kong-based equity firm GSR Capital has agreed to invest as much as $400 million in both tZero and Overstock. TZero said earlier this week that it had completed its token sale, though the firm originally had set a goal of raising $250 million through the offering. During an earnings call, CEO Patrick Byrne reiterated a previous claim that tZero received $100 million in commitments when it first opened its token sale, saying “we did the very best we could … eventually we went to Asia. In Asia it was quite different. The first three people we met … all said ‘we’d take $60 million’ [but] it proved extremely difficult to get money out of Asia for many different reasons.”
Like this article? Take a second to support us on Patreon!