Beyond, Inc. (NYSE:BYON) (the "Company"), owner of Bed Bath & Beyond, Overstock, buybuy BABY, and a blockchain asset portfolio, today announced that it provided a letter to tZERO's management and Board of Directors requesting immediate action to create shareholder value.

Marcus Lemonis, Executive Chairman and Principal Executive Officer, commented, "After experiencing the capabilities at tZERO through two solid token offerings, assessing the favorable market conditions for peers in this space, and having increased confidence in tZERO's management team, we believe the time is now for tZERO to improve shareholder value by evaluating various options to become a listed company, whether directly, through an IPO, or via a special purpose acquisition company, on the New York Stock Exchange." According to Lemonis, a letter was sent to tZERO today on behalf of the Company's executive management and Board of Directors demanding immediate due diligence and a call to action. Lemonis concluded, "With its regulatory infrastructure, leadership, backing, and innovative framework, tZERO is poised and ready to enter this blockchain-favorable market."

The Company's Letter to tZERO Board of Directors:

Dear Members of the Board of Directors,

I hope this message finds you well. On behalf of Beyond, Inc.'s executive management and its Board of Directors, I want to outline our expectation that the tZERO ("T0") management team and Board of Directors explore opportunities to create shareholder value in this blockchain-favorable market for its longstanding investor base. We believe the best current opportunity is to explore taking T0 public through an Initial Public Offering or alternative on the New York Stock Exchange. After years of substantial investment, increased innovation, and shareholder patience, we believe T0 is at an exceptional inflection point—ready for the market stage supported by a favorable blockchain-friendly backdrop.

Why the Right Time is "Now"

Unique, fully regulated ecosystem: T0 boasts end-to-end blockchain-based capabilities—from ATS trading and transfer-agent services to SEC/FINRA-approved digital asset custody—placing it among only two U.S. broker-dealers with such approved infrastructure.
Strategic backing: ICE (parent company of NYSE) led its last capital raise and brings unmatched institutional credibility.
Unlock latent value: In a public structure, T0's differentiated assets will be far more visible and valued by the capital markets.
Recent productive token offerings: Beyond's subsidiaries have now participated in two productive token offerings using T0's platform, the most recent of which will be the subject of another press release issuing this week, resulting in positive coverage in favor of T0.

Favorable Market Backdrop

ReserveOne, a crypto treasury platform, recently announced a $1 billion SPAC deal to go public, signaling strong investor appetite.
Fintech platforms like Forge Global and EquityZen have already chosen public paths via SPACs.
Public valuations commonly reach multiples in the $1–$2 billion+ range for companies with similar regulated infrastructures.

Public Markets Provide Access and Value

1. Broader access to capital.

2. Public Board Governance and enhanced board diversification.

3. Immediate liquidity opportunity to support ongoing investment and fund future innovation.

4. More visible acquisition optionality & credibility.

Joint Investor Alignment Supported by Management Strength

Beyond, ICE, and tZERO's preferred shareholders share a unified goal: a stronger public-market T0 that advances digital securities, accelerates product adoption, and rewards stakeholders meaningfully.

T0's current management team has a deep understanding of the digital asset landscape and has demonstrated the ability to navigate the complexities of this evolving market while continuing to drive innovation. This gives us confidence that T0 can thrive as a public company.

Beyond, Inc.'s current Board of Directors brings value to this potential transition as it is positioned to introduce T0 to a network of strategic partners to help facilitate deal flow and growth opportunities through its extensive business relationships and industry access.

Recommended Next Steps

1. Authorize and engage in due diligence to assess efforts in conjunction with listing on NYSE.

2. Engage appropriate advisors to evaluate potential pathways—IPO, direct listing, or SPAC merger.

3. Launch investor outreach to validate valuation expectations.

In closing, this is a pivotal time for T0. We believe that a public listing on NYSE could magnify its strengths, secure its market leadership, and deliver shareholder value. I look forward to discussing this further and working with you to take T0 to its next level.

Warm regards,

/s/ Marcus Lemonis

Marcus Lemonis

Executive Chairman, Beyond, Inc.

About Beyond

Beyond, Inc. (NYSE:BYON), based in Murray, Utah, is an ecommerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. The Company currently owns Bed Bath & Beyond, Overstock, buybuy BABY, and other related brands and websites as well as a blockchain asset portfolio. The Company regularly posts information and updates on its Newsroom and Investor Relations pages on its website, Beyond.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding our quarterly earnings reporting and timing thereof. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, and in our subsequent filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250721639042/en/

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Beyond, Inc. Requests tZERO Board of Directors Take Action to Create Shareholder Value