Overstock – the US-based online retailing corporation – has submitted an S-3 application for its blockchain-powered digital preferred stock with the US SEC. 

The updates was generated from formerly reported news regarding the retail giant’s attempt to seek liberation for the digital dividend shares trading it has been working on. 

The investment-related newspaper MarketWatch disclosed on September 24 that Jonathan Johnson – who has recently been hired to be Overstock new chief operating officer – has made public the submission in a statement on the same day.

“This filing represents an initial step in the company’s registration of the OSTKO dividend, and the company is engaged in active discussions with regulatory authorities to obtain approval of the registration.”

One unit of the Series A-1 preferred stock will be granted to Overstock shareholders, per each 10 common shares issued by the corporation. 

But in order to have the asset entirely in their possession, shareholders are required to establish an account with Dinosaur Financial Group, to log into PRO Securities trading network, by Overstock’s blockchain subsidiary tZERO.

“This dividend will be a great introduction for many to how blockchain technology can enhance the investor experience.” Johnson added.