tZERO Group

Crypto · Fintech · Tokenization

IPO

tZERO to go public via $350M SPAC merger with FG Imperii, list as TZRO

The deal hands the tokenized-securities pioneer a public listing just as banks race to put stocks and bonds on blockchain rails.

• tZERO Group agreed to merge with blank-check company FG Imperii Acquisition Corp. in a deal valuing tZERO at a $350 million pre-money equity valuation, with plans to list on NYSE American under ticker TZRO in early 2027.
• Founded in 2014 out of Overstock's Medici Ventures, tZERO built an SEC-registered platform for trading digital securities and now sells its trading, brokerage, custody and transfer-agent infrastructure to broker-dealers and institutions.
• The combination could deliver up to roughly $231 million in cash from FG Imperii's SPAC trust, though the actual amount depends on shareholder redemptions and transaction expenses.
• Existing tZERO shareholders, including Neighborhood Intelligence, which holds about 38% of the company and has signed a support agreement, are expected to roll 100% of their equity into the combined company.
• tZERO holds more than 100 blockchain-related patents, and NYSE parent Intercontinental Exchange is an investor that picked tZERO as a design partner for its own blockchain-based securities trading platform.
• The listing arrives as tokenization moves from crypto-niche experiment to Wall Street infrastructure project, with Citi projecting the tokenized asset market could reach $5.5 trillion by 2030.