Bed Bath & Beyond stock rises after Amplify discloses 8.7% stake

Investing.com -- Bed Bath & Beyond Inc (NYSE: BYON) shares rose 1% Tuesday after a regulatory filing revealed that Amplify Investments has taken a significant position in the company.

The stock gained following the disclosure that Amplify Investments, through its Amplify Blockchain Technology ETF, beneficially owns 6,039,111 shares of the company, representing an 8.7% stake. The position was reported in a Schedule 13G filing with the Securities and Exchange Commission dated March 31.

According to the filing, Amplify Investments and Amplify ETF Trust hold sole voting and dispositive power over the shares. The Illinois-based investment adviser indicated the securities were acquired in the ordinary course of business and were not purchased with the intent to change or influence control of the company.

Bed Bath & Beyond Inc, formerly known as Beyond Inc and Overstock.com, operates as an online retailer. The company acquired certain intellectual property assets from Bed Bath & Beyond following that retailer's bankruptcy proceedings.

The Schedule 13G filing indicates passive investment intent, as opposed to a Schedule 13D which would suggest activist intentions. Amplify Blockchain Technology ETF, formerly known as Amplify Transformational Data Sharing ETF, is a registered investment company that is part of the Amplify ETF Trust.

The disclosure provides transparency into the ownership structure of Beyond Inc and reveals institutional interest in the company's shares. Amplify's position makes it one of the larger disclosed shareholders in the online retailer.

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