Amid Blockchain Securities Push, Overstock CEO Takes Medical Leave
Overstock CEO Patrick Byrne announced today that he will take a medical leave of absence from the online retail giant. Revealed in a letter to shareholders, the move comes as the online retailer moves ahead with plans to launch a blockchain-powered securities exchange, dubbed tØ. Overstock has spent millions on that initiative, and the firm recently indicated its intention to issue its own stock on the platform in the future. Byrne himself has become a noteworthy advocate for the emerging technology since the online retailer first started taking bitcoin payments in 2014. Byrne said in the....
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Overstock.com, one of the most visible retailers to embrace bitcoin, grabbed the interest of securities traders when it announced a blockchain-based securities platform and later won government approval to issue stocks via the blockchain. To help securities traders learn more about Overstock’s plans with its securities trading technology, Alex Pitti, a writer for Seeking Alpha, interviewed the communications director of Overstock.com. As a result of this interview, Pitti concluded he is not recommending Overstock stock since he questions Overstock CEO Patrick Byrne’s interest in the....
In a Form S-3 filed with the SEC on November 10, Overstock.com sought approval to issue up to $500 million in new securities "from time to time" in the form of common stock, preferred stock, depositary shares, warrants, debt securities or units. But approval of this S-3 is in not an immediate sign that Overstock is issuing any securities. "This prospectus provides you with a general description of the security we may offer," Overstock wrote in its S-3. "Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that....
According to a report from Wired, the Securities and Exchange Commission (SEC) has approved the online retail giant Overstock's plan to issue securities via the Bitcoin blockchain. This is the first-of-its-kind approval from the regulatory authority that might completely alter the way how public securities are issued and traded in the future. Overstock had earlier issued private securities using the blockchain which did not require the authority's approval. The blockchain is a public ledger of transactions; however, it can also be used to record data of anything including stocks, real....
Patrick M. Byrne, the CEO of Overstock, has taken an indefinite leave of absence due to complications arising from Hepatitis C. Will his company remain bitcoin-friendly post his exit, given that he was one of the most vocal supporters of Bitcoin? In a press release on 11th April 2016, Patrick Byrne revealed that he had been struggling with Stage IV of Hepatitis C, contracted in a surgery in 1984 in China. Due to complications arising from this, he has taken an indefinite leave of absence. It is currently not known whether Byrne will return to work. Mitch Edwards, the General Counsel of....
The US Securities and Exchange Commission (SEC) has reportedly approved Overstock's plans to issue stock via the blockchain through its subsidiary tØ platform. According to Wired, the company was granted an amended Form S-3 - a requirement solely for companies that report under the Securities Exchange Act of 1934 - meaning that it could now issue public securities leveraging blockchain technology. It is still unclear when the company will issue its first public security on a distributed ledger but Patrick Byrne, Overstock's CEO, told Wired: "You can assume its high on our list of....