Share this article
Overstock Spent Over $3 Million on Blockchain Projects in Q3
Overstock spent $3.2m on its Medici blockchain securities initiative in Q3, according to the online retail firm’s latest quarterly results.
By Stan Higgins
Updated Sep 11, 2021, 11:59 a.m. Published Nov 10, 2015, 6:25 p.m.
Overstock spent $3.2m on its blockchain securities initiative over the past three months, according to the online retail firm’s latest quarterly results.
The report, published yesterday, shows that the firm may spend as much as $8m developing Medici, its subsidiary created for its exploration into the technology, of which blockchain trading platform tØ is one effort.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a letter to shareholders, CEO Patrick Byrne said that those expenditures could be higher when accounting for various cost factors.
He wrote:
"The direct costs of our Medici efforts this year will be in the neighborhood of $8m (and when you add shared overhead, services provided by dual-tasked employees and load factor, the real cost this year is significantly greater)."
Byrne suggested that the firm may be looking to spin out its blockchain trading arm into a venture separate from Overstock's broader e-commerce infrastructure.
“For obvious reasons I do not believe that this enterprise can be co-managed with our online retailing business, and in that regard am aggressively exploring alternatives with an eye to maximizing shareholder value,” Byrne wrote.
In the note, Byrne also pointed to the company’s August acquisition of Wall Street brokerage SpeedRoute as a vehicle for pushing its blockchain-based trading platform. The company said that it expects to make further investments and acquisitions related to Medici.
The company did not immediately respond to a request for comment.
Overstock image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks
A debate on X over seemingly conflicting bitcoin forecasts from Fundstrat analysts drew a response from Tom Lee, highlighting differing mandates and time horizons.
What to know:
- X users flagged what appeared to be conflicting bitcoin outlooks from Fundstrat’s Tom Lee and Sean Farrell.
- Lee endorsed a post arguing the views reflect different mandates and time horizons, not internal disagreement.
- The episode highlights how public commentary can blur distinctions between short-term risk management and long-term macro views.
Top Stories
