Cybersecurity
Overstock Is the Latest Stock to Surge Thanks to the Cryptocurrency Craze
- Retailer’s stock has rallied 130% this year amid bitcoin buzz
- Company announced plans for its own initial coin offering
The Overstock.com outlet store in Salt Lake City, Utah, in 2013.
Photographer: Ken James/BloombergThis article is for subscribers only.
Overstock.com Inc., the first major retailer to accept bitcoin, has found the antidote for sluggish stock performance: more bitcoin.
Shares of the discount e-commerce company have more than doubled since the start of August, when the retailer began letting shoppers pay with all major digital tokens. They jumped 23 percent on Sept. 27, when it announced plans for an exchange for trading cryptocurrencies. Investors reaped a similar windfall this week after plans for an initial coin offering, or ICO, were unveiled.