Overstock officially announced that it will issue the first blockchain stock in December

Online retail giant Overstock has announced that it will begin trading the company’s blockchain-based shares in December.

Overstock CEO Patrick Byrne announced the news at Money2020 and outlined some of the preparations investors need to make in the run-up to the stock offering, as well as some key timings to get involved.

According to Byrne, the initial stock sale will be a proprietary product, meaning interested investors will need to own Overstock stock on November 7 to be eligible to receive shares on November 10. On November 15, subscriptions will open and investors can decide whether they want to participate in the stock offering.

Byrne told attendees:

“Under our T+3 settlement model, you will be a record holder of shares by November 10th… If all goes well, you will be able to trade by December 15th.”

Just a few days ago, Judd Bagley, general manager of Overstock’s cryptocurrency team, hinted at a capital markets panel that it would formally announce the upcoming issuance of its blockchain-based stock.

Byrne hinted at Money2020 that he believes blockchain will be ‘more disruptive’ than the internet.

He said:

“I am not supporting Bitcoin, but blockchain. Three years ago, I realized that blockchain would subvert many things in our civilization.”

During his speech, Byrne also discussed various other technologies and business partnerships that could be established in preparation for Overstock’s upcoming stock offering.

Additional details about Overstock’s blockchain-backed stock offering can be found in the full press release.