Digital Securities
tZERO to Add Trading of ASPEN Digital Securities Token in Q3, 2020
tZERO, a digital securities exchange which is a subsidiary of Medici Ventures, has announced today that it has entered into a partnership with Aspen Digital Inc. to enable its digital security (ASPEN) to be traded on the tZERO ATS.
Currently only two tokens are available to be traded on the tZERO platform they include TZROP the token for tZERO and OSTKO the token representing Overstock. This new addition is long overdue as it is the first token to be added to the trading platform that is not directly associated with either tZERO or Overstock (NASDAQ:OSTK).
The ASPEN tokens represent $18 million of indirect ownership in the St. Regis Aspen Resort, a five-star, 179-room luxury hotel located in Aspen, Colorado.
tZERO CEO Saum Noursalehi stated, “We are excited to join forces with Aspen Digital to enable the St. Regis Aspen digital security to trade. We look forward to beginning the onboarding process and anticipate that trading will commence on the tZERO ATS this quarter.”
The issuer of ASPEN, Aspen Digital, Inc., is managed by ER-RE, LLC., a subsidiary of New York-based real estate asset management and advisory firm Elevated Returns, LLC. Valued at $224 million during the time of the offering in October 2018, the St. Regis Aspen Resort is the first digital security within Elevated Returns’ portfolio. Elevated Returns intends to tokenize roughly $1 billion of real estate projects in the future.
Elevated Returns President Stephane De Baets said, “Investing in commercial real estate projects is often prohibitive for most investors, particularly for high-profile properties. We believe investors will benefit from the transparency, accessibility and liquidity of the ASPEN digital security through our partnership with tZERO, who we view as the leader in capital markets innovation and secondary liquidity for private assets.”
Shares of ASPEN were distributed to accredited investors through a Reg D 506 (c) offering, which closed in October 2018 and raised $18 million. Aggregate shares of ASPEN represent an 19% indirect ownership interest in the St. Regis Aspen Resort, and the remaining 81% is indirectly owned by Elevated Returns.
