Overstock's been in a tailspin, and even its CEO's optimism can't save the firm from a lack of tokenization
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Quick Take
- Overstock shares have hit 52-week lows of $12.35, down 75% from January
- Interest in tokenized securities has declined leaving the world far less tokenized than many analysts anticipated
- Overstock has attracted the attention of world-class investors including Soros Fund Management, Passport Capital, and GSR Capital
- Soros Fund Management, Passport Capital, and GSR Capital have shed their positions this year
- GSR Capital furnished a letter of intent for up to $404m in investment to tZero but pulled out at the “eleventh hour and fifty-ninth minutes” and asked for an extension
Overstock hit 52-week lows, to $12.35 from the January 1st peak of $86.90. The former retail darling has come a long way from selling discount furniture and is now on its third year of its Grand Blockchain Experiment, with CEO Patrick Byrne first announcing the original t0 “smart-contract trading platform” in a flashy 2015 launch […]
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