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Overstock is gearing up to sell its retail business, with an agreement that will take place over the next few months as it focuses exclusively on its blockchain initiatives.
CNBC, citing the comments The Overstock CEO, Patrick Byrne, realized in an interview with Wall Street newspaper, reported that the sale could take place as early as February. Overstock has previously announced plans to sell the retail business so that it can focus on blockchain technology. Byrne is a big supporter of blockchain and cryptocurrencies. He would not appoint the buyer or potential buyers, he noted the report. The news of the imminent sale increased Overstock shares, with CNBC noting that the stock gained 26% at the end of last week. However, from the start of 2018, shares have declined by more than 65 percent.
Overstock has focused much attention on Medici, the blockchain company that has invested $ 175 million over the years. The unit burned money since its launch in 2014, CNBC noted. For the first three quarters of 2018, it lost about $ 39 million. Compared to $ 22 million in losses in 2017, the report noted. Overstock has a net loss of $ 163 million for the first three quarters of 2018, CNBC reported. "I do not care if tZero is losing $ 2 million a month," Byrne told the Journal. "We think we have a cold fusion on the blockchain side".
Medici is a home for startups and not just cryptocurrencies. Voatz, for example, has developed a voting system via smartphone app that works on blockchain, while another, outside of Rwanda, uses the blockchain to manage digital property rights, the report noted. "We believe [tZERO] is leading the global package in perhaps the most lucrative of all blockchain applications (ie security token). I think the public might not understand our overall plan in Doctors, as all the pieces fit together, as well as blockchain businesses in this network are making equally dramatic progress in their respective fields, "Byrne said in a recent letter to investors .
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