Overstock.com has announced its plan to complete what it claims will be the world’s first public offering using proprietary blockchain technology. The offering will allow Overstock.com shareholders to purchase Overstock.com blockchain or traditional preferred stock. The blockchain preferred stock will trade and settle exclusively through the t0.com platform and its alternative trading system.

The t0.com platform is Overstock.com’s financial technology subsidiary and focusses on developing and deploying blockchain-based financial products to increase efficiency and transparency in capital markets.

The offering, issued pursuant to an SEC-effective registration statement, is expected to be limited to Overstock.com shareholders of record, with date yet to be determined, and will be of up to an aggregate of 1,000,000 shares of blockchain and traditional Series A preferred stock.

Patrick M. Byrne, CEO of t0.com, remarked:

“This is yet another historic event – the creation of a security that will trade and settle entirely on a distributed ledger. I’ve said from the beginning that blockchain technology is going to change the world of finance forever, and we’re leading that charge.”

Since its initial public offering, Overstock.com has relied on Computershare for transfer agent services; Computershare will extend its global registry and transfer agent services to Overstock.com for this offering. Prior to this, Overstock.com issued a private blockchain, cryptobond, in June 2015.