Overstock CEO to Sell His Shares For Crypto Investment

Previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero
12 September 2018   237

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.
 

Patrick Byrne

CEO & Founder, Overstock

In early August, the regulated tokensale (Security Token Offering) of tZero ended, during which the company raised $ 134 million.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.