Bed Bath & Beyond (BBBY) shares rose 7% Monday after the relaunched retailer announced it intends to acquire Tokens.com and launch a platform focused on asset tokenization, starting with real estate.
The plan is to build a platform where people can tap into the value of their home or other assets, like turning home equity into cash or tradable digital tokens, the company said on Monday. Instead of applying for a loan through 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 tools from tZERO to handle regulated trading and storage of these assets. It will also plug into Figure (FIGR), the blockchain company of former SoFi CEO Mike Cagney, to offer financial services like mortgages, renovation loans home equity lines of credit.
The platform is expected to launch by July, the firm said.
The move is part of the company’s push into blockchain tech and tokenization following its restructuring. 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 investing in tZERO following this spin-out.
Now, Bed Bath & Beyond runs a group of retail brands, while it has also invested in financial tech and blockchain under CEO Marcus Lemonis. It is the largest shareholder of tZERO, known for its regulated digital asset platform and brokerage services.