tZERO

tZERO is the oldest regulated tokenized-securities venue in the United States: a FINRA broker-dealer running an SEC-regulated alternative trading system since 2019, a special purpose broker-dealer custodian approved in 2024, a transfer agent, and a placement agent for Reg D, Reg A+ and Reg CF token offerings. AltStreet read the FINRA trade data for its ATS, the audited FOCUS reports of both broker-dealers, the April 2026 consent solicitation that converted its own TZROP token, the parent's Beyond, Inc. filings, and the offering documents behind all sixteen deals on its offerings page. Three findings frame the review. The ATS traded $28.9 million of notional in 2022 and $1.6 million in the first seven months of 2026, and after the TZROP conversion in May 2026 the whole venue trades tens to a few thousand shares a week. The TZROP token carried a contingent dividend of 10% of adjusted gross revenue, subject to a profitability condition, and a $10 redemption floor; no dividend was ever declared in eight years, and holders voted in April 2026 to exchange both rights, and continuous trading, for 3 Series B preferred plus 8 common shares per token. And the two broker-dealers that carry customer money ended 2025 with $521,737 and $635,723 of net capital, above their regulatory minimums but small in absolute terms, 40% and 74% of their revenue respectively coming from the parent's own token, and a stated economic dependence on a parent whose last public audit carried a going-concern note.