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Overstock’s been in a tailspin, and even its CEO’s optimism can’t save the firm from a lack of tokenization

by Arjun Balaji

December 21, 2018, 9:09AM EDT  ·  5 min read

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

by Arjun Balaji

December 21, 2018, 9:09AM EDT  ·  5 min read

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 party.