Siebert Financial Corp., through its subsidiaries, engages in the retail discount brokerage and investment advisory businesses. The company offers online and traditional brokerage, and related services to retail investors through a broker on the telephone, a wireless device, or via the Internet; various value added services, such as access to account information; independent retail execution services; and retail customer services. It also acts as an agent on various transactions for its self-directed retirement accounts, as well as lends customers a portion of the market value of certain securities held in the customer's account through its clearing agent. In addition, the company provides data technology platform that offers services, such as email and messaging, market data systems and third party trading systems, business productivity tools, and customer relationship management systems. It maintains three retail discount brokerage offices in Jersey City, New Jersey; Boca Raton, Florida; and New York, New York. The company was founded in 1886 and is headquartered in New York, New York. As of December 16, 2016, Siebert Financial Corp. operates as a subsidiary of Kennedy Cabot Acquisition, LLC.
Massive run over the past two sessions: (Reuters) - Shares of Siebert Financial Corp, a small 50-year-old New York brokerage, doubled on Thursday on plans to expand into cryptocurrency trading, in the latest instance of investor frenzy over the red-hot market for virtual currencies. The gains pushed Siebert's market value to $250 million from Wednesday's $114 million, with shares changing hands in volumes not seen since 1999. Siebert is partnering with Overstock.com to offer deep discounts on trading U.S. stocks, with plans to eventually expand into blockchain and cryptocurrency trading. Shares of Overstock, an early proponent of cryptocurrency, have more than tripled in value this year. Cryptocurrencies have taken the investing world by storm this year. Bitcoin, the best known cryptocurrency, has risen an eye-popping 1,700 percent just in 2017. Many other blockchain and cryptocurrency-related stocks have mirrored bitcoin's gains, soaring to new life highs several times this year. Siebert Financial was founded in 1967 by Muriel Siebert, the first woman to own a seat on the New York Stock Exchange. The company's shares were up 87 percent at $9.69 on Thursday afternoon, after hitting $11.33, their highest level since 2000.
I guess we must be reaching saturation levels when players like SIEB on jumping on the crypto train. I do approve of them wanting to get in on the trading, there needs to be more legitimate players in the field.
