Overstock.com Inc. blockchain subsidiary tZERO has agreed to take a 1% stake in Siebert Financial Corp.'s parent, Kennedy Cabot Acquisition LLC.
Upon closing, tZERO's $1.0 million investment will entitle the company to 1% of Kennedy Cabot's assets including, among other valuable assets, an approximate 90% stake in Siebert Financial.
This follows the announcement that tZERO and Siebert Financial have entered into a marketing agreement under which Siebert Financial would have access to offer deep-discount online trading to Overstock.com's customer base.
The entities earlier announced that they will roll out $2.99 trades and $1.99 trades to a new class of Overstock.com's Club O loyalty program. The product offerings are expected to be available in the first quarter of 2018.