Overstock Receives a Whopping $100 Million Investment from George Soros’ Quantum Fund
Based on the filing submitted to the Securities and Exchange Commission (SEC), the large American Internet retailer disclosed that an investor had exercised its rights to buy a $100 million amount of shares.
Part of this filing reads:
“On December 29, 2017, the holder of one of the warrants Overstock.com, Inc. (“Overstock”) issued on November 8, 2017 exercised the warrant for all shares covered by the warrant and not previously acquired upon exercise.
Overstock received the exercise price of approximately $100 million and issued 2,471,188 shares of its common stock to the warrant holder in accordance with the terms of the warrant.”
While the filing kept the name of the investor confidential, its CEO Patrick Byrne confirmed that investor was indeed Quantum Fund which is managed by billionaire George Soros.
Byrne said that about 20% of the said investment will fund the Blockchain property rights project he is currently working on alongside economist Hernando DeSoto.
As for the remaining 80%, Byrne says that he intends to utilize the fund across the flagship e-commerce platform of Overstock that accepts Bitcoin and other cryptocurrencies as payments.
It can be recalled that Overstock is one of the first retailers to accept the digital currency as payment. Byrne also plans to use part of the proceeds in funding Overstock’s Blockchain development platform for capital market as well as in the other Blockchain ventures under its Medici Ventures subsidiary.
While Quantum Fund is yet to comment on this staggering investment, this move shows how the digital currency has started to reshape the landscape of commerce.