Bed Bath & Beyond (BBBY) stock rose 7% on Monday after the relaunched retailer announced it intended to acquire Tokens.com and launch a platform focused on tokenizing assets, including real estate.
The plan is to build a platform that allows people to leverage the value of their homes and other assets, including turning home equity into cash or tradable digital tokens, the company announced on Monday. Instead of applying for a loan through a bank, users will be able to use the new platform to see what they own, what it’s worth, and how they can access financing, all in one place.
Tokens.com uses tZERO’s tools to handle regulated trading and custody of these assets. It will also connect to former SoFi CEO Mike Cagney’s blockchain company, FIGR, to offer financial services such as mortgages, home improvement loans, and home equity lines of credit.
The company says the platform is expected to launch by July.
The move is part of the company’s post-restructuring efforts in blockchain technology and tokenization. The retailer filed for bankruptcy in 2023, closed its stores, and ultimately sold its brand and IP to Overstock.com in a bankruptcy auction.
TZERO was originally a subsidiary of Overstock and was spun out in 2021. Overstock continued to invest in tZERO after this spinout.
Today, Bed Bath & Beyond operates a group of retail brands while also investing in financial technology and blockchain under CEO Marcus Lemonis. The company is the largest shareholder in tZERO, a company known for its regulated digital asset platform and brokerage services.
