OSTK to HODL: Overstock to Keep 50% of All Bitcoin Payments as Investments
Online retailer Overstock.com is shifting an earlier strategy by keeping half of the bitcoin it takes in as payment, the company's CEO has said.
Online retailer Overstock.com is shifting its cryptocurrency investment strategy keeping half of the bitcoin it takes in as payment, the company's CEO has said.
Overstock reported its second-quarter earnings last week, revealing that its Medici blockchain business lost $3.3 million before taxes during that period. At the time, the company explained the loss as necessary as it continues to ramp up development around it t0 crypto-securities trading platform.
According to Byrne, Overstock's board of directors approved a plan to keep 50 percent instead. Notably, he indicated that the firm may move to hold other "crypto-securities", but did not elaborate further on what that might constitute.
He said on the earnings call:
In response to the question, Byrne said that the company did at one point see a bump-up in overall bitcoin spending.
"We have seen a material change, in part because of everything in the news it spiked and then it settled back down to about $50,000 per week," Byrne explained.
Image via Shuttesrtock