The BYON_tZERO community was created by BYON investors to share deep due diligence, local knowledge and anything that impacts the value of our BYON shares. We hope to create the go-to place for investors to share and find information on BYON.
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Does Beyond.com (NYSE: BYON) own significant assets beyond its high profile retail brands Overstock.com, Bed, Bath&Beyond and Zulily? Most investors are aware that Beyond.com the company also owns stakes in several other businesses, but there seems to be a great deal of confusion about what those businesses are, what they are worth and how much Beyond actually owns of each one. We believe that is one of the main reasons that the stock has fallen so low. BYON’s stock traded down to $5.57 yesterday and closed at the lowest price in five years today in trading action that suggested more downside may be ahead in the absence of some company specific good news or action from management that signals the stock should be trading higher. While the way the ownership of these assets was structured to take those businesses off the company's books for financial reporting purposes helps to gauge the results of the core business, it has also served to sow confusion among investors as to what other assets BYON owns and how to value them. It seems that disconnect has been exacerbated by company communications with shareholders that rarely address or even acknowledge the company’s unique and very valuable blockchain adjacent technology holdings.  For instance, the Beyond.com website's "About Us" section leads with this -

"Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products and services that unlock their homes’ potential. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month."

There is no mention of the fact that Beyond.com owns large stakes in significant businesses in the digital securities, crypto and blockchain realm that will likely prove to be extremely valuable, probably more valuable than the retail operations if recent reports are indicative of future results. We hope to help investors better understand all of the assets a BYON shareholder owns and the considerable value we believe they hold.

There could be any number of other reasons why these non-core businesses have not gotten much mention from BYON management. The development of the tZERO and Medici businesses were driven by the former CEO who was working to "fix" much of what is broken with the stock market, in particular illegal naked short selling and settlement rule loopholes that have long been abused by hedge funds. He is a highly regarded, near super-hero type to many retail investors but a lightning rod for controversy and highly disliked by the administration that has ruled over the US and more importantly, the SEC for the last four years.  His presence seemed to bring inordinate scrutiny to any and all company operations in this realm. For this reason it seems that management decided to play their hand with these companies very close to the vest to avoid doing things that would expose them to greater regulatory scrutiny in what has been a difficult “regulation by enforcement” environment and one where tZERO already got hit with substantial penalties for what seemingly was running a crypto business very similar to Coinbase. That was surely a legit reason for being conservative with many aspects of those businesses.

There could also be not-so-legit reasons that these assets don't seem to get much mention and are not exhibited on the Beyond.com website.  We won’t go there in this intro but this is one of the topics that we’d like to see explored in this forum, along with any developments related to tZERO, Grainchain, Medici Land, Bitt, Voatz, etc. and of course any local knowledge with the retail operations.  There will be a series of posts forthcoming detailing our deep dive into BYON’s holdings. Even long time investors here may be surprised to learn of some of the things Beyond.com owns. Stay tuned...........

The club that is BYON Management has three rules when it comes to the company's majority owned tZERO digital securities/crypto business. The first rule of the club is "we don't talk about tZERO". The second rule of that club is "we don't talk about tZERO"........ you get the picture. Beyond.com essentially owns 55% of tZERO though part of that is owned through its 99% equity in the Medici LP. Companies with assets like tZERO owns are usually valued in the Billions and tZERO has some assets that even the bigger billion dollar companies don't have. Since these things do not get mentioned in company press releases and rarely get mentioned in conference calls, we did a deep dive to put together the information below so that BYON shareholders can see what all that they actually own with those BYON shares. If we have missed anything, please comment and provide links/sources and we will update it.

BYON and/or tZERO owns the following assets in the digital securities / crypto space, allowing tZERO to provide an end to end service for securities / crypto offerings, custody, exchange listing and trading. Such a comprehensive service is very unique and we are not aware of another firm that is currently approved by the SEC and FINRA to offer such services. We believe this is a billion dollar business that could grow to be worth much more under the new crypto/innovation friendly administration. The majority of tZERO equity is owned directly (as BYON) or indirectly (through its 99% stake in Medici) by BYON and is “hidden” on BYON’s balance sheet valued at something less than $112 million.

1) tZERO Group Inc. (BYON has 55% Equity Stake) - tZERO Group Inc. is a financial technology company specializing in blockchain-based platforms for trading digital securities. Its primary assets include:

Alternative Trading System (ATS): tZERO operates a regulated ATS that facilitates the secondary trading of digital securities, providing liquidity solutions for private companies and assets.

Broker-Dealer Subsidiaries: tZERO owns broker-dealer entities that offer services such as issuance, trading, and custody of digital securities, ensuring compliance with regulatory standards.

Digital Securities Platform: The company has developed a platform that enables the tokenization of traditional assets, allowing for the creation and trading of digital securities.

Transfer Agent Services: Through tZERO Transfer Services, LLC, an SEC-registered transfer agent, tZERO manages the issuance and transfer of digital securities, ensuring compliance and accurate record-keeping.

Digital Asset Custody: With the approval of tZERO Digital Asset Securities, LLC as a Special Purpose Broker-Dealer, tZERO is authorized to provide custody services for digital asset securities, enhancing its end-to-end digital securities lifecycle capabilities.

2) Investments in Other Entities: tZERO and BYON own stakes in several entities where equity stakes have been strategically split or transferred between the two to adhere to regulatory requirements and/or accomplish other strategic objectives. These assets position tZERO as a leader in integrating blockchain technology with traditional financial markets, aiming to enhance transparency, efficiency, and accessibility in the trading of digital securities.

A. BSTX (tZERO owns 50% stake) - the first blockchain integrated national securities exchange. Runs on tZERO technology and based in Boston.

B. Speedroute LLC (85-90%) – SpeedRoute is an electronic, agency-only FINRA broker dealer with connectivity to every U.S. equity exchange and over 25 other sources of liquidity including major dark pools. SpeedRoute provides market access and smart order routing services for U.S. equities to broker-dealer clients. Speedroute currently routes over 6 billion shares per day. Speedroute continues to grow and received regulatory approval to add CBOE exchanges in Sept. 2024.

C. VerifyInvestor.com (tZERO owns 81%)– a leading resource for verifying accredited investors as required by federal laws, offering AML/KYC, custom verifications, qualified purchaser, and qualified client verifications. Sole provider for Trump Organization's $WLFI token offering.

D. Blue Ocean Technologies - (tZERO holds a minority stake) In January 2017, tZERO acquired the assets of Singapore-based Blue Ocean Financial Technology, Pte. Ltd. and formed BOT to offer a transparent, electronic marketplace for trading U.S.-listed securities during non-U.S. trading hours. In November 2019, Blue Ocean Management Partners made a significant investment in BOT, assuming management control, while tZERO remained a significant investor and partner.

E. 27 Patents and 16 filed patents pending. Will have a separate post to discuss tZERO’s patents.

On Monday morning Beyond.com (NYSE: BYON) executive chairman Marcus Lemonis announced a definitive agreement for the acquisition of the assets of Buy Buy Baby (soon to be TZERO: BABY). There has been much excitement among investors about bringing the highly regarded Baby Superstore back under the Bed, Bath and Beyond umbrella, where it started years ago as a subsidiary of the pre-bankruptcy Bed,Bath&Beyond (BBBY).

Much of the excitement has revolved around three things:

1. It’s been less than three years since Gamestop (NASDAQ: GME) CEO Ryan Cohen famously pushed the pre- bankruptcy BBBY board of directors to spin off Buy Buy Baby calling it “…the ultimate Destination for Babies” and that it could “…justify a valuation of several billion dollars”.

2. BYON is acquiring the Buy Buy Baby brand for only $5 million.

3. CEO Lemonis indicated on the call that the company is “deeply exploring” an offering that would essentially allow investors to buy stock (digital tokenized securities) in Buy Buy Baby and his comments suggest they might allow the initial shares to be purchased at the valuation the company paid to acquire it, which amounts to getting to buy in on the ground floor of the relaunch of a very established and popular brand that was widely believed to be worth billions at a start-up type valuation usually only available to venture capitalists.

The excitement around these developments drove BYON’s stock up 33% on Tuesday on volume of 9.7m shares as investors seemed to be just beginning to understand what may be about to happen here. BYON will own the assets that will be sold (Buy Buy Baby) as part of a tokenized security offering and is the majority owner of the company (tZERO) that will execute the offering, provide full custody services for the tokenized shares and also owns the exchange where they will be listed and traded. Upon the offering, BYON will offer for sale tokenized securities representing 20% of Buy Buy Baby’s IP and some small percentage of its revenues. BYON will also distribute some % of ownership of the Buy Buy Baby IP and that same small percentage of quarterly revenues as a tokenized security dividend to its shareholders, leaving parent company BYON still owning the majority stake. These tokenized shares will receive monthly or quarterly payments (like cash dividends but a set percentage) equal to a to-be-determined percentage of Buy Buy Baby’s online and omnichannel revenue.

With BYON owning 55% of tZERO, the high-profile BABY offering will create value not just for the liquidity it provides BYON shareholders and capital + exposure it provides BABY, it will generate significant revenue for tZERO and likely generate major financial media buzz for tZERO’s one stop shop for digital securities issuance, sales and custody services.

Thus, investors in BYON will be getting more than just tokenized Buy Buy Baby stock in an account and quarterly cash revenue share payments. In the very near future they could get digitized stock in any one or all of Bed,Bath&Beyond, Zulily, Overstock, tZERO, Grainchain, Ripio, Settlemint, BITT or many others along with monthly or quarterly dividend payments for each of these very valuable but entirely overlooked BYON portfolio companies. With over 20 such portfolio companies and/or brands this could continue on for years and this is where the virtuous cycle comes in. BYON tokenizes some portion of a brand or portfolio company on tZERO. This builds tZERO’s revenue and reputation among issuers of digital securities and makes tZERO more profitable, valuable and well-known with each offering. This increases the value of BYON’s 55% stake in tZERO. And each offering increases the value of the BYON brand doing the offering due to additional capital and more exposure as a pure play investment while creating a marketplace value for those tokenized securities on BYON’s balance sheet, thereby raising the value of BYON shares as investors are made aware of the holdings and the value of the many retail and blockchain assets they own begin to better reflect that marketplace value. And each time they do another offering, it will increase the value of tZERO and increase the value of BYON’s 55% stake in addition to increasing the value of BYON in the way described above as each brand or holding’s worth becomes more easily quantifiable inside of Beyond.com.

As great as this will be for BYON shareholders, it will be a logistical nightmare for BYON short sellers, who will have to deliver shares of each digital security to the lender of the BYON shares they borrowed for the short sale and will also have to make cash payments for the ever-changing quarterly revenue payments for each brand that is tokenized. Ironically, this means that BYON short sellers who decide to hold their short position could become very active tZERO customers, as they will have to purchase those securities in post IPO trading (after the “IPO pop”) on the tZERO exchange so that they can deliver them to the lenders. It seems far more likely that many will instead just buy to cover before the ex-dividend date given the increased risk and compliance cost of staying short BYON when there are other company’s stocks out there to short that might offer both a better chance for profit and/or can be pursued without the massive hassle that will be involved with a BYON short sale. Of course, that is until that other company decides to also do a digital dividend on tZERO.

That logistical nightmare for BYON short sellers will likely become a factor in the trading of BYON stock very soon as it appears that the reported short interest is now at nearly 20% of the public float. Given that BYON CEO Marcus Lemonis can set the ex-dividend date for a BYON digital dividend any day now and/or set the ex-dividend date for the Buy Buy Baby tokenized securities issuance very soon as well, it seems that the short sellers may risk getting squeezed if they do not buy to cover very soon.

Bears watching.........I know you see what I did there. But seriously, Friday's option trading in Beyond.com (NYSE: BYON) bears watching and you better believe those bears who have pushed BYON's REPORTED short interest to almost 20% of shares outstanding are watching (and probably sweating since BYON CEO Marcus Lemonis started clowning them - https://x.com/marcuslemonis/status/1882056467848876286).

Not quite the GME gamma squeeze yet, but look at the volume for calls expiring next Friday and then see that most of the volume was for strikes $8 and above with the highest volume at the $9 strike.

This is a very large spike in call options volume for BYON and as you can see above most of the call transactions are OTM at $8 and $9. Also, BYON stock surged over 10% on 2x normal trading volume on a day when the broader market experienced a pretty big decline.

Is BYON about to drop some big news? Or has BYON's stunning valuation disconnect been discovered?

Beyond.com’s (NYSE: BYON) controlling interest (55% equity stake) in blockchain stock /  crypto exchange technology inventor and operator tZERO is not being valued properly inside of BYON and one of the best examples of this latent value is that tZERO owns many very significant patents and other IP related to crypto, digital securities and blockchain stock exchange technology.  The patents are listed as owned by one of two tZERO subsidiaries, either tZERO IP LLC (click to see full list) or tZERO Group Inc.  (click to see full list). 

As the nascent digital securities / tokenization industry starts to draw interest from the legacy securities industry players (like Goldman Sachs announcing spin out of platform here, see JP Morgan’s new Kinexys platform here,  etc. ) and material investment / development of these platforms, it is important to note that many of the key technologies and processes have already been developed and patented by tZERO.  And while one of the larger players may or may not try to acquire tZERO, whoever owns the technology covered by all of these patents can require the new entrants to pay royalties to tZERO or whoever owns these patents.  While we believe that all of the awarded patents hold material value, the ones listed below should be of particular interest to those entities building out digital securities, tokenization and crypto exchange infrastructure:   

1)       Consolidated order book from multiple asset exchanges Patent number: 11436673

2)       Crypto integration platform Patent number: 10673634

3)       Splittable security token Patent number: 11961067

4)       Decentralized trading system for fair ordering and matching of trades received at multiple network nodes and matched by multiple network nodes within decentralized trading system Patent number: 11948182

5)       Self-enforcing security token implementing smart-contract-based compliance rules consulting smart-contract-based global registry of investors Patent number: 11829997

6)       Crypto multiple security asset creation and redemption platform Patent number: 11704733

7)       Upgradeable security token Patent number: 11410159

8)       Self-enforcing security token implementing smart-contract-based compliance rules consulting smart-contract-based global registry of investors Patent number: 11216802

The value of what tZERO has developed in the digital securities/tokenization/crypto space seems to be very well known to the players in this burgeoning industry, but almost unknown outside of it.  We believe that will not be the case for long, with the new innovation friendly administration taking over in what will likely be a new world for tokenization, digital securities and crypto in January. It will be interesting to see how long BYON stock will trade at a level that seems to accord very little value to tZERO's operations, unique licenses that even Goldman and JPM don't have yet and patents covering many key processes required to operate in this space.

X article on BYON is spot on but here are a few reasons why BYON is actually worth MORE than the $10.92 per share figure given. It did not include any value for the other Medici Assets, which include 14 companies who received $88 million in funding from Overstock/BYON. It also does not include the 25% stake in Zulily, which was valued at $1.66 million in the sale transaction two weeks ago. And since the article was published, the value of the 200 million Ravencoin tokens increased over 15% and BYON's stake in $KIRK also increased by 7%. And I'd also argue that tZERO and Grainchain remain massively undervalued if the article's valuation for each is used. I think both will be proven to be worth significantly more in transactions that will occur this year. Still very well conceived article and worthy of a full post here -

Unpacking the Beyond.com Retail and Blockchain Conglomerate

Beyond.com is a NYSE listed  (NYSE: BYON)  company that was previously known as Overstock.com until it acquired the assets of Bed,Bath&Beyond along with several other retail brands that are currently part of the company’s regenesis. BYON’s balance sheet is flush with cash and a conglomerate-like list of assets that seem to be misunderstood and massively undervalued.

Below we attempt to unpack the most valuable parts of the Beyond.com conglomerate, which we have segregated into four categories: cash, exchange traded assets, assets with previous market valuations and assets without public market valuations.

BYON’s balance sheet shows $186m in its 10k filed a few weeks ago  Since that time the company announced the sale of 75% of Zulily for $5m, bringing its cash position to  $191 million. BYON also owns the following marketable securities/tokens that trade daily on the exchange indicated:

These exchange traded assets combined = $20 million but it should be noted that all three are trading near multi-year lows.  Combined with BYON’s cash of $191 million the value of these assets would total $211 million or about $16 million higher than BYON’s market cap of $195 million at today’s closing price of $3.68. The cash and marketable securities total of $211 million divided by 53 million shares outstanding equals $3.98 per share.

The most misunderstood and massively undervalued parts of the balance sheet are harder to value because they are not publicly traded.  Yet.  And this is where things may be interesting soon because BYON is the majority owner of a broker-dealer called tZERO that is working with BYON to make some of their brands and/or assets publicly traded by issuing tokenized securities representing those brands and/or specific assets associated therewith.  Below is a list of the most significant of these assets along with stake and valuation data points:

We believe that most of the values listed above will prove to be conservative 6-12 months from now as valuations for these assets are more firmly established through tokenization or other liquidity events. 

tZERO (BYON owns 55% stake) – the above mentioned company offers an end to end digital securities issuance, custody and trading platform that can tokenize assets to create fully SEC/FINRA compliant digital securities and they have a subsidiary that owns a digital securities exchange where such securities are listed and traded.  BYON has recently announced plans to tokenize intellectual property and other rights associated with ownership of two of its retail brands (BuyBuyBaby and Overstock.com) and considering a third (BedBath&Beyond), allowing specified assets of each to be valued in a publicly traded environment. Though the market value achieved by these digital securities will not be reflective of the full value of the retail brands, it should reveal some portion of the value of these assets. 

In addition to helping to reveal balance sheet value tied up in each of the retail brands, additional offerings on the tZERO platform will enhance the value of BYON’s 55% ownership stake in tZERO, who benefits from the listing fees, trading commissions and additional exposure that each BYON retail brand tokenization offering brings.  Each successful offering creates a virtuous cycle of balance sheet value enhancement for BYON as specific assets that are buried there with no apparent value recognition get a public market valuation while improving the KPIs and exposure of what many believe to be the most undervalued asset on BYON’s balance sheet in tZERO.

tZERO’s value is one of the most complex aspects of BYON’s balance sheet for two reasons –

1)      The stake is held 28% direct ownership and 27% in Medici LP that is 99% owned by BYON and

2)      the great disparity between the implied valuation of its most recent funding round and the fact that its majority owner has a market cap so small that it suggests a lower value. 

We believe the data points that provide the best insight into tZERO’s valuation trajectory are these:

• August 2018: tZERO raised $250 million in a Series B funding round, achieving a post-money valuation of approximately $1 billion. ​

• February 2022: A funding round involving investors such as New York Stock Exchange parent company Intercontinental Exchange (NYSE: ICE) , Overstock, Pelion Venture Partners, and Medici Ventures maintained the company's valuation at around $1 billion. ​

• March 2022: tZERO secured $40.53 million as part of a later-stage venture capital round, resulting in a post-money valuation of nearly $1.5 billion.

• April 2024-April 2025 – tZERO’s parent company BYON’s market cap drops from $1.7 billion to $205 million on poor results in BYON’s core retail businesses despite what seems to be an improving outlook for its tZERO business as the change in administration seems to be more favorable for digital securities and crypto/blockchain innovators. 

While some would argue that tZERO’s value is best determined by what a reasonable buyer would pay for equity in an arm’s length transaction, such as when New York Stock Exchange owner Intercontinental Exchange (NYSE: ICE) bought a significant (purportedly 15-20%) minority stake in tZERO at a post money valuation of $1 Billion.  Rather than listing BYON’s 55% tZERO stake at $550m based on that $1 billion valuation, we took a super conservative approach with our calculations and used 55% of the original $250m that was invested in tZERO or $137 million, a figure we believe will itself prove to be hyper conservative 6-12 months from now. 

Grainchain – ( BYON owns est. 30%-40% stake) – Grainchain another example of a privately held company with very little information available making valuation a challenge but BYON lead the early rounds of funding and eventually invested $30m of the total 39m Grainchain has raised to date.  Grainchain is a leading supply chain solution provider utilizing blockchain and IOT tech to manage pre and post-harvest processes ensuring easier, faster and safer transactions for all supply chain participants. Grainchain has grown revenue over 100% for each of the last five years and purportedly expects to achieve a $100m run rate for 2025. $30 million invested in early rounds for company that could be worth a multiple of that now given Grainchain’s growth since those investments were made and its prospects.  There has been talk of a near term liquidity event for Grainchain involving some heady post money valuations north of $500 million.    We again took a conservative approach and used a $300 million total valuation for Grainchain, which would make BYON’s 30% stake worth $90 million. 

BedBath&Beyond – (BYON owns 100%)  famous brand omnichannel retailer that Gamestop’s Ryan Cohen purportedly tried to acquire in 2020 after paying $120 million for a 10% stake.   Currently operating online only but evolving into omnichannel with highly strategic locations next quarter and will closely resemble what Cohen’s November 2020 letter to the BBBY BOD demanded when he made a bid to acquire it.  We believe the $50m we used to value BBBY will prove to be tremendously conservative if BYON

BuyBuyBaby – (BYON owns 100%) famous brand retailer originally owned by the pre-bankruptcy BedBath&Beyond.  Ryan Cohen’s letter to the BBBY board pushed for a BuyBuyBaby spin-off arguing as a standalone it could be worth several billion dollars. BuyBuyBaby will be evolving into an omnichannel retailer over the next two quarters with strategic brick and mortar locations. This is also one of the assets that management has mentioned as a potential tokenized offering.

Overstock.com – (BYON Owns 100%) original online discounter that turns 25 years old this year. Overstock previously had a market cap as high as $2 billion on its own.  Overstock is one of the assets that is going to tokenize certain aspects of its IP through a tZERO offering over the next few weeks.

Ripio – (BYON owns estimated 10-15%) owns one of the largest crypto exchanges in Latin America with 10 million+ user accounts and has major DeFi product deals with the likes of Visa, Circle, Mercado Libre and Algorand.

Settlemint NV (BYON owns estimated 15-20%) – Blockchain As A Service provider just raised $22m in additional capital four months ago. Recent deals include Japanese telecom infrastructure giant NTT,  Standard Chartered Bank, AB InBev and Carrefour Belgium, Proximus and Elia. These collaborations demonstrate SettleMint's ability to deliver blockchain solutions across diverse sectors, including consumer goods, finance, telecommunications, and energy.  

VerifyInvestor.com (BYON’s tZERO owns 81%)– a leading resource for verifying accredited investors as required by federal laws, offering AML/KYC, custom verifications, qualified purchaser, and qualified client verifications. Sole AML/KYC provider for Trump Organization's $WLFI token offering and other significant offerings over the last year.

The retail and blockchain conglomerate Beyond.com has been majorly misunderstood and it remains massively undervalued trading at a market cap that is below the cash and market traded securities/tokens on its balance sheet.  We believe that is mostly because investors have no idea how to value the disparate assets and most are not even aware that Beyond.com has a nine figure stake in blockchain/crypto/Defi businesses, some of which are thriving and may prove to be worth more than BYON’s retail operations. Over the next two quarters we believe both of these issues will be resolved as the company tokenizes assets from several of their holdings using the tZERO platform, bringing value discovery for those assets, revenue plus exposure for tZERO and a much higher stock price for BYON as investors discover and rerate valuations used in their sum of the parts analysis. 

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As of Friday’s $5.73 close, the market cap of BYON is $262m. Thus, BYON’s assets are being valued as follows:

BYON Assets
$140 – balance sheet cash
$18m – net cash from HQ sale
$112m Non-core assets balance sheet valuation
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$270m Value of Balance Sheet Cash + Non-Core Business
-$262m – Total Value of BYON @ $5.73 market close Friday 11/22/24
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-$8m  - Value of BYON Core Business (BBBY, OSTK, ZU)

The value of the balance sheet cash + non-core assets is $270m.  But BYON stock is trading at a price that values the entire company at $262 million, so it’s as if the company’s core retail business is worth negative $8 million.  While the company’s most recent quarterly report was indisputably sub-par, we believe the company’s valuation is simply a combination of three things –

1. lack of awareness of the value (or maybe even existence) of the company’s tZERO and Medici blockchain assets

2. investor’s disaffection with BYON management’ s repeated failure to achieve KPIs and their own timelines

3. an extreme example of the kind of valuation disconnect that happens sometimes the small cap space.  

We understand that investors have grown impatient with management’s inability to achieve the numbers and timelines they set for the company earlier in the year, but the current price seems to be extrapolating poor retail results from a very challenging economic period that negatively impacted most retailers to the present and future where many economic indicators suggest that there has been an uptick in consumer outlook and spending. 

In summary, it appears that Wall Street sees the value of the retail operations as substantially less than the value of the tZERO / Medici blockchain assets and we agree with that thesis.  However, we believe that both the retail and tZERO/Medici assets are massively undervalued at negative $8m for retail given the improving economic outlook for consumer retail and $112m for tZERO/Medici given tZERO’s operating segments and patented technologies that are poised to take advantage of a regulatory environment that is actually pro-innovation and pro-crypto vs. one that was antagonistic to innovation.