Overstock surges 26% after CEO announces plan to sell retail business & focus on crypto

posted 22 days ago
Overstock plans to sell its decades-old retail business in as soon as February to make way for a full-blown bet on blockchain, according to Overstock founder and CEO Patrick Byrne, an ardent believer in the technology that underpins Bitcoin and other cryptocurrencies.

Shares of Overstock surged 26% Friday, on the news, but the stock is down 66% this year. Byrne founded Overstock in 1999 to sell goods like furniture and jewelry on the internet. He's now betting the future of that brand on multiple crypto and blockchain related start-ups. The CEO said "We think we've got cold fusion on the blockchain side."
Tags: bitcoin, blockchain, news, opinion