The founder and head of the giants of e-commerce Overstock, Patrick Byrne, sold 10% of its stake, receiving about $ 20 million, and is going to invest these funds in blockchain projects. This is reported by CNBC.
In his letter to Overstock investors Byrne stressed that he will soon reinvest these funds with Overstock and Medici Ventures.
Note that the head of the online retailer did not disclose specific plans for future investments. However, previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero.
Byrne also acknowledged that over the past year, Overstock stocks fell 61%, and linked it to the fall of the cryptocurrency market.
I sadly note that over the last 180 days the correlation between OSTK's and Bitcoin's daily movements has been 85.5%, and again warn people: we don't have significant holdings of Bitcoin.
CEO & Founder, Overstock
In early August, the regulated tokensale (Security Token Offering) of tZero ended, during which the company raised $ 134 million.