Shares of Bed Bath & Beyond (BBBY) 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 home or other assets, such as converting home 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, how much it is worth and how to access financing, all in one place.
Tokens.com will use tZERO tools to handle 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 in July, the firm 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, closing its stores and eventually selling 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 spin-off.
Now, Bed Bath & Beyond runs a group of retail brands, while it has also invested in fintech and blockchain under CEO Marcus Lemonis. It is the largest shareholder in tZERO, known for its regulated digital asset platform and brokerage services.
