Overstock has successfully distributed its ‘digital dividend’, issuing ‘OSTKO’ security tokens to its shareholders.
It will be distributed on a basis of one digital token for every ten company shares owned on May 19.
According to account balances as of April 27, in total, 4.37 million OSTKO tokens were airdropped to shareholders via transfer agent Computershare
Overstock claims that the airdrop was conducted to bolster liquidity on its security token exchange, tZERO (TZROP).
Moreover, the Series A-1 shares will be exclusively tradable on Overstock’s alternative trading system (ATS) tZERO.
Overstock chief executive Jonathan Johnson said on the “innovative dividend”:
“These preferred shares have real value, and have been paid a cash dividend in each of the last three years..We believe they will increase participation and long-term liquidity on the tZERO ATS platform.”