Report: Overstock CEO Patrick Byrne says company exploring digital stock offering

Home » Report: Overstock CEO Patrick Byrne says company exploring digital stock offering
Image source: https://www.flickr.com/photos/105644709@N08/

Image source: https://www.flickr.com/photos/105644709@N08/

On Tuesday, bitcoin-accepting online marketplace Overstock.com quietly updated its website to include an open-source wiki page entitled “How to issue a cryptosecurity.” Not surprisingly, rumors began to spread that the Utah-based retailer might be considering issuing a digital security of its own, something that CEO Patrick Byrne has hinted at before. Through such a system, Overstock would be able to trade shares of its company in a person-to-person system, rather than on a stock exchange. Given Byrne’s well-known problems with Wall Street, such a move isn’t implausible.

Speaking with CoinDesk today, Byrne discussed the matter in an abstract sense and, as reporter Pete Rizzo noted, “choosing his words carefully.”

I can’t say that we have the intention to actually do it, but I can say that my intention is as firm as the intention can get while being still exploratory. If it gets any more solid, I will have to notify the Securities and Exchange Commission (SEC).”

Byrne was also quick to note that any such offering would be an experiment, rather than a primary securities offering:

If we hypothetically issued such stock, it would really be in a small amount. […] We’re doing it because we want to figure out how to do it and show how to do it [so] other people can fund their companies using the system we develop.”

Overstock also made another major stride in promoting bitcoin adoption this week, announcing plans to expand its current bitcoin-buying option beyond the U.S. and into the global market on a timeline of “one month to six weeks.” Byrne noted that even customers in Russia, where bitcoin is arguably illegal, will have the option.

New Casinos

Reel Fortune has the coolest free spin wheel I have ever seen. 

Get 180 free spins and up to 5 BTC in bonuses

CasinoMax: 325% match bonus up to $9750 + 25 bonus spins for 7 consecutive days

400% welcome bonus up to $8000. 40x wagering requirement is required prior to your first withdrawl

Great Welcome Slot Bonus!

Claim a HUGE 500% deposit bonus with no maximum with Crypto

© Copyright 2024 The Best Crypto and Bitcoin Casinos and Sports Betting Sites | Bitcoinx
Powered by WordPress | Mercury Theme