Actionable news
0
All posts from Actionable news
Actionable news in OSTK: Overstock.com, Inc.,

Overstock May Part Ways With Its Blockchain Business

  • Medici Ventures unit is considering an initial coin offering
  • Johnson says a tax-free spinoff is no longer in consideration

Overstock.com and its blockchain business, Medici Ventures, may go their separate ways after millions of dollars of losses.

"We see Medici as eventually becoming a standalone," said Jonathan Johnson, president of the discount retailer’s unit, which provides a trading platform based on blockchain, the catchall term for a digital ledger that promises incorruptible storage of financial transactions. "It has some synergies with Overstock, but it’s still a very different business."

Johnson said the business is unlikely to separate from the online retailer until next year. Medici looked into doing a tax-free spinoff, but is no longer considering that option, Johnson added.

"I think our valuation goes up not being part of Overstock," Johnson said during an interview Thursday in New York. "The retail business is a hard...


More