Overstock.com, Inc. OSTK released a letter to shareholders from CEO Patrick Byrne Monday that discussed company developments, the future of blockchain and the possible sale of its retail business.
In the letter, Byrne updates shareholders on “tZERO,” the blockchain-based subsidiary of Overstock, which he said has a compelling lead.
“We will sell the retail business if it makes sense and we get a good offer for a good home for it. Otherwise we will operate the retail business as though we are going to hold it forever,” the CEO said.
“We will run it with a goal to maximize profit, which will fund our world-changing blockchain innovations, while we leverage its significant traffic to introduce our consumer-facing blockchain products to the world."
Overstock.com shares were down by 4.68% at $18.12 at the time of publication Monday. The stock has a 52-week high of $48 and a 52-week low of $8.96.
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