Shares in Bed Bath & Beyond rose approximately 5% on Monday following an announcement that the company is acquiring Tokens.com to build a personalized finance platform focused on tokenizing real-world assets. The firm also partnered with Figure Technologies and aims to launch the platform by July 1, expanding its blockchain strategy under CEO Marcus Lemonis.
Publicly traded retailer Bed Bath & Beyond saw its shares rise about 5% on Monday amid news of its blockchain expansion. The company entered an agreement to acquire Tokens.com to develop a platform consolidating fragmented real-world markets.
The platform will utilize infrastructure from partners like publicly traded Figure Technologies and tokenization company tZERO. It aims to support tokenized assets including public securities and asset-backed financing like home equity solutions.
“Providing responsible, compliant liquidity pathways for homeowners and real-world asset holders is our strategy and long-term vision,” said recently appointed CEO Marcus Lemonis in a statement. The firm expects the platform to be operational by July 1, though financial terms of the acquisition were not disclosed.
This move expands the company’s blockchain focus beyond its existing strategic investments. Those investments include tZERO and GrainChain, a project focused on the agriculture supply chain.
“With Figure’s market-leading tokenization technology and platform, Tokens.com can help unlock the trillions of U.S. home equity and crypto assets, bringing consumers liquidity and spending power,” said Figure CEO Michael Tannenbaum. Figure completed its IPO last year, raising nearly $8 million.
Shares recently traded around $6.22, marking a 6.68% increase over the past month. The company has stated that “blockchain services” will be a core pillar of its strategy to become an “everything home company.”
