1/ On $OSTK, Piper out again, reiterating their conviction in the stock as the most mispriced in their coverage universe.
2/ They see the upcoming launch of tZero Crypto 2.0 as a material unlock to higher Crypto trading activity (the platform currently has a v low trading limit of $500/ week which will change to $25k/ day with the Version 2.0).
3/ Trading vols only $8m in Q1 (and $5m in all of 2020), mgmt said volumes could 10x or more with Version 2.0. As well as higher trading limits, they're increasing tradable cryptos from 4 to 10+ and increasing marketing from $150-250k to $10m/ year.
4/ tZero management believe matter of "when, not if" the SEC classifies NFTs as securities, at which point tZero could be the only viable trading platform for NFTs as has gone through extensive regulatory approvals to become an SEC-registered platform.
5/ tZero will integrate its ATS platform with the Crypto platform in Q2 & recently got approval to trade public securities, will be only platform to offer trading across the 3 asset classes of public securities, crypto and tokenised trading/ private securities later in 2021.…
6/ …tZero is looking to raise $100m to help it scale more quickly.
Piper note out today with heading "tZero Update Suggests Significant Unlocks for Both Near & Long-term":
Piper note out today with heading "tZero Update Suggests Significant Unlocks for Both Near & Long-term":
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