Overstock Could Focus On Bitcoin With Medici Ventures Blockchain ICO


Overstock.com, Inc.(NASDAQ: OSTK) is an American e-commerce retailer in Midvale, Utah founded in 1997 by CEO Patrick Byrne. The company, which started accepting Bitcoin payments since 2014, has garnered a blockchain services portfolio, known as Medici Ventures, ranging from the SettleMint secure voting platform to the PeerNova banking compliance service. The most promising of which is tZERO, a trading and contract settlement service started and majority-owned by Medici. tZERO is angling for an ICO by the end of November.

Byrne, who claims 850 people dialed into Overstock's earnings call, evinced the possibility of selling the e-commerce business. According to D.A.Davidson analyst Tom Forte, this could lead to a surge in value of Overstock's two most outstanding assets, the home e-commerce and the aforementioned Medici ventures. Forte indicates that the market has yet to fully recognize the value of Medici ventures in particular.

The news of tZero's imminent ICO has brought sharp focus on Overstock as shares gained 31% on Thursday and a further 5% on Friday. Byrne said of Medici's blockchain services, “there may be no better-positioned company for blockchain investments in the world.”

In its Q3 earnings release, the company reported to have sold a warrant to a fund affiliated with Passport Capital LLC for $2.6 million to purchase 1,250,000 shares of common stock at $40.45 per share until February 7, 2018, having also sold a warrant to Quantum Partners LP for $4 million to purchase 2,472,188 shares of common stock at $40.45 per share until January 2, 2018. Quantum Partners LP is a private investment fund managed by Soros Fund Management LLC.

Only last month, 2 obscure stocks, On-Line and Riot, soared 173% and 125% respectively after simply appending the word Blockchain to their names. The blockchain boom, much like the dot com boom of the '90s is palpable and is laying siege to Wall Street.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide