HK’s GSR Capital To Invest $374M in Overstock, $270M Goes to Blockchain Subsidiary tZERO

Cryptocurrency News9 minutes ago (Aug 10, 2018 08:41AM ET)

 

HK’s GSR Capital To Invest $374M in Overstock, $270M Goes to Blockchain Subsidiary tZERO

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...

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