Overstock has been going through some tough times lately with a stock price that's been on the decline for over 3 months. Meanwhile, the founder Patrick M. Byrne has said he has considered selling the company. Could Patrick M. Byrne be moving into the crypto industry?
The Overstock stock price has been falling for about 3 months now and shows no signs of slowing down. It should also be noted that the founder Patrick M. Byrne has mentioned on several occasions that he has considered selling Overstock.com, Inc. This at the same time as Robert Hughes, the Senior Vice President of Finance and Risk Management at Overstock, has resigned to join a blockchain company that also involves Patrick M. Byrne. Could Patrick M. Byrne be moving into the crypto industry?
Overstock was an early adapter of Bitcoin
Why we like Overstock.com so much is because this company was an early adopter of Bitcoin. Already back in 2014, Overstock accepted Bitcoin as a payment method. Back then not many companies would support cryptocurrencies. This was a huge move by Overstock and they have received a lot of love from the Crypto industry because of it. In December Overstock also launched an ICO December 2017 aiming to raise $250 million, they claim to have raised over $100 before running into some trouble with the U.S. Securities and Exchange Commission (SEC). The money raised was for tZERO, a wholly-owned subsidiary of Overstock.com that primarily focus on the development of financial technology. The ICO was extended to May 14, 2018
This would further suggest that Patrick M. Byrne has an interest in cryptocurrencies and blockchain technology.
Overstock, officially known as Overstock.com, Inc, is huge internet retailer based in America, Midvale, Utah. Overstock was founded by Patrick M. Byrne 1997. In the start, they only sold surplus and returned products via their own e-commerce platform. They bought up stock from many failed internet retailers and successfully sold them to the market. Today Overstock sells home decor, furniture, bedding, and still returned goods.