Overstock's Path From Dot-Com-Bubble Ruins to Blockchain Ecosystem

On Sept. 19, former Overstock.com CEO Patrick Byrne sold his entire stake in the firm, which accounted for 13% of the company and was worth over $90 million.

Overstock.com accepting crypto early on kept the company and Byrne in the spotlight of the crypto world - and being a Wall Street critic bolstered his reputation within both the company and the community.

The company's association with crypto forced its share price to fall over 11% in January 2018, when the valuation of Bitcoin fell by over 50%. Still, Byrne is a blockchain-before-Bitcoin kind of guy.

To demonstrate his trust in blockchain, he launched a venture capital firm within Overstock called Medici Ventures, intended to fund blockchain startups with Byrne's personal finances.

Byrne's recent move of selling Overstock shares is nothing new for him.

Byrne has placed all his bets on blockchain technology.

Byrne resigned from Overstock on Aug. 22, but even then spoke about how blockchain will revolutionize the world and will "Reshape key social institutions." He also cited his controversial relationship with Maria Butina, a self-confessed foreign agent, as one of the primary reasons for his departure.

OSTKO shares were hitting a 52-week high prior to Byrne's selling spree, but saw a notable drop afterward and fell continuously after Sept. 12.

When Byrne resigned, there were questions being asked about Overstock's commitment to blockchain technology.

Almost a month after Byrne's resignation, Johnson announced that the company was planning on liberalizing its planned digital dividend share trading.