Overstock.com just got a hefty chunk of change from one of the biggest names in finance, and CEO Patrick Byrne says much of it will fund the company’s blockchain work.
The company disclosed in a Securities and Exchange Commission (SEC) filing this week that the holder of a warrant had exercised its right to buy $100 million worth of shares. Although the filing did not identify this investor, Byrne told CoinDesk it was the Quantum Fund, managed by billionaire George Soros.
Of the $100 million Overstock received, Byrne said he anticipates $20 million will fund DeSoto Inc., the blockchain property rights joint venture he is working on in partnership with economist Hernando DeSoto.
As for the other $80 million, Byrne said he intends to invest the funds across Overstock’s flagship e-commerce platform (which accepts bitcoin for payments) and the other blockchain ventures that are part of its Medici Ventures subsidiary.