Shares of Bed Bath & Beyond (BBBY) rose 7% on Monday after the relaunched retailer announced plans to acquire Tokens.com and launch a platform focused on asset tokenization, starting with real estate.
The plan is to create a platform where people can leverage the value of their home or other assets, such as turning their home equity into cash or tradable digital tokens, the company announced Monday. Instead of applying for a loan from a bank, users could use the new platform to see what they own, what it’s worth and how to access financing, all in one place.
Tokens.com will use tZERO’s tools to manage the regulated trading and storage of these assets. It will also connect to Figure (FIGR), former SoFi CEO Mike Cagney’s blockchain company, to offer financial services such as mortgages, renovation loans, home equity lines of credit.
The platform is expected to launch by July, the company said.
The move is part of the company’s push toward blockchain technology and tokenization following its restructuring. The retailer filed for bankruptcy in 2023, closed its stores and ultimately sold its brand and intellectual property to Overstock.com in a bankruptcy auction.
TZERO was originally a subsidiary of Overstock and was spun off in 2021. Overstock continued to invest in tZERO after this split.
Today, Bed Bath & Beyond manages a group of retail brands, while also investing in fintech and blockchain under CEO Marcus Lemonis. It is the largest shareholder of tZERO, known for its regulated digital asset platform and brokerage services.
