Overstock has always been crypto-friendly – it was one of the first major retailers in the world to embrace cryptocurrency. Now, Overstock CEO Patrick Byrne told the Wall Street Journal that he intends to sell Overstock’s landmark retail business arm. According to Byrne, the company will be focusing on its multiple blockchain-oriented startups. Overstock embraces crypto, and its share price skyrockets.
The company’s shares went up and down in 2017 and 2018 as the company shifted towards associating itself more and more with cryptocurrencies. Overstock’s share skyrocketed towards 400% in the period between July 2017 and January 2018 as the cryptocurrency market also had a parabolic rally.
However, as we saw with the cryptocurrency market in 2018, Overstock too, underwent bearish action and has plummeted throughout the year.
Following Byrne’s announcement, Overstock has seen a sudden surge in its share price, moving 23% yesterday.
Byrne’s decision to focus on blockchain comes amid a time of a bleeding and bloody cryptocurrency market. Bitcoin is down about 30% in the last 10 days, and the alt-market isn’t doing well either.
One of Overstock’s best-known startups is the trading system tZero, which has also underwent tough times. Byrne, however, remains optimistic, saying “I don’t care whether tZero is losing $2 million a month. We think we’ve got cold fusion on the blockchain side.”
In October, tZero issued its preferred tZero security tokens, which are purportedly SEC-compliant. Overstock’s march into the field of cryptocurrencies is mostly done through its subsidiary, Medici Ventures.
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