Tag: Overstock

Overstock Wants Lawsuit Nixed Ahead of Security Token Distribution

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Online retailer and early Bitcoin adopter Overstock has filed for the dismissal of a lawsuit that accuses the company of misrepresenting the nature of its ‘digital dividend’ token. The dividend is a security token airdrop that will see ‘OSTKO’ tokens distributed to company shareholders on a basis of one token to every ten Overstock shares. News of the dividend caused a share price surge and the lead plaintiff accuses Overstock of deliberately withholding information regarding the distribution, and of deceiving the market to intentionally punish short sellers. Overstock’s digital dividend…

Overstock Plots Global Expansion for Blockchain-Based Agritech Platform

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Overstock’s blockchain accelerator, Medici Ventures, announced a global expansion of the distributed ledger technology (DLT)-powered agritech platform GrainChain. Medici Ventures published a press release on March 27 announcing that GrainChain’s expansion will be executed in collaboration with fintech company Symbiont — with GrainChain set to transition from HyperLedger Fabric to Symbiont’s enterprise blockchain platform, Assembly. Medici is a shareholder in both GrainChain and Symbiont. Medici Ventures plots global expansion of GrainChain GrainChain seeks to speed up and remove friction capital circulation in the agricultural market through the use of smart…

Overstock Sued by Shareholder Over Former-CEO’s $90 Million Exit

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Online retailer Overstock is facing a lawsuit from shareholder John Murphy over former CEO Patrick Byrne’s abrupt departure from the company and off-loading of $90 million worth of shares. According to Law360 on March 11, Murphy is seeking records under Section 220 of Delaware General Corporation Law to examine potential violations of duty on the part of Overstock’s directors in connection with Byrne’s actions. The suit states:  “This action seeks corporate books and records to investigate Byrne’s and the board’s role in what appears to be a scheme to cause…

Overstock CEO: Crypto Investments Are Ready for Prime Time

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Overstock CEO and Medici Ventures President Jonathan Johnson has been betting on crypto companies for most of the last decade. Now he believes these investments are finally ready to enter the real world. In an interview at the Digital Money Forum during CES 2020, Johnson talked about Medici’s portfolio of companies and said many of them are shipping products. He still believes, however, the ecosystem is being driven by early adopters. “There will always be early adopters who take it and it will become more widespread. I think we’re in…

E-commerce Giant Overstock Opens Blockchain R&D Center in Ireland

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E-commerce giant Overstock has opened a blockchain Research and Development (R&D) center in Ireland. According to a press release published on Oct. 9, the firm’s new R&D center is located in “IDA’s flagship North West business park in Sligo” and is expected to make its 100th Irish hire before the end of 2019. Currently it employs 80 technologists. Over $1 million invested Per the release, the move has cost the company over €1 million ($1.1 million). Overstock vice-president and site lead David Kenny added: “We’re absolutely delighted with our new…

Overstock Appoints Jonathan Johnson as Company’s New CEO

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American e-commerce giant Overstock.com has appointed Jonathan Johnson as the company’s new chief executive officer, according to an announcement on Sept. 23. Johnson has served as an interim CEO of Overstock since the end of August when Patrick Byrne stepped down. Presently, Johnson also acts as the company’s member of the board of directors, president at Overstock’s venture capital arm Medici Ventures, and chairman of the board at its blockchain-focused subsidiary tZERO Group. Johnson stated: “Overstock has two unique businesses. […] I have run both, and I know how to…

Overstock ex-CEO Patrick Byrne Sold All His Equity Holdings to Buy Crypto and Gold

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In recent news, Patrick Byrne, the former CEO of Overstock, has sold all his Overstock equity holdings worth about $90 million to shift his investments to different assets like precious metals and cryptocurrencies. Patrick Byrne shared the letter on his personal website. Within the letter he reveals that he had dumped all his Overstock equity holdings over the past week and blames the deep state and the government for this action: “The riff-raff will tell you that my departure and sale were from a lack of confidence in what I…

Former Overstock CEO Sells His Entire 13% Stake in the Firm for $90M

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Former Overstock CEO Patrick Byrne has sold his 13% stake in the firm for $90 million to move to gold and crypto trading. Byrne sells his entire Overstock stake in 3 days Byrne, who resigned from Overstock on Aug. 22, cashed out nearly 4.8 million Overstock (OSTK) shares, which accounts for more than 13% of the company, American financial publication MarketWatch reported on Sept. 19. According to a filing with the United States Securities and Exchange Commission (SEC), the former Overstock CEO was selling his shares at lower and lower…

Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend

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American e-commerce giant Overstock hopes to liberalize its planned digital dividend shares trading. According to a Sept. 18 press release, Overstock is working with regulatory authorities on making its digital asset-based dividend freely tradable by non-affiliates following distribution. As such, the company will not have to put its dividend shares on the six-month holding period as required under Rule 144 enforced by the United States Securities and Exchange Commission. Commenting on the development, interim CEO of Overstock Jonathan Johnson said: “We have received a great deal of interest surrounding our…

Crypto Advocate Patrick Byrne Resigns as CEO of Overstock

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Noted crypto advocate Patrick Byrne resigns as CEO of Overstock. Per a letter of resignation and company statement posted on Twitter Aug. 22, Patrick Byrn will be stepping down as CEO of Overstock. Having led crypto-friendly e-commerce at the company, including the launch of tZero, Overstock’s crypto token platform, and Overstock’s acceptance of Bitcoin payment, Byrne’s announcement follows the announcement of disappointing Q1 earnings for 2019. More directly, Byrne cited the recent announcement of his controversial relationship with Maria Butina as the impetus for cutting ties with Overstock.  In his…