Bed Bath & Beyond ( BBBY ) shares rose 7% on Monday after the relaunched retailer announced its intention 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 leverage the value of their homes or other assets, turning equity into cash or tradable digital tokens, the company said 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 custody of these assets. It will also join Figure (FIGR), the blockchain company of former SoFi CEO Mike Cagney, to offer financial services such as mortgages, renovation loans to home loans.
The platform is expected to launch in July, the company said.
The move is part of the company’s push into blockchain technology 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 off in 2021. Overstock continued to invest in tZERO after this spin-out.
Now, Bed Bath & Beyond operates a group of retail brands, while also investing in financial technology and blockchain under CEO Marcus Lemonis. It is the largest shareholder in tZERO, known for its regulated digital asset platform and brokerage services.
