Overstock’s Blockchain Focused Subsidiaries Perform Impressively in Q2
Blockchain focused firm Overstock reported Q2 results, which indicated surge in revenue compared with the similar period of 2019. Specifically, the company reported net revenue of $783 million, up 109% y-o-y.
Gross earnings were $180 million, reflecting 23% of total revenues generated, and underlining 321 basis points improvement on y-o-y basis.
Overstock, a mainstream company, has already forayed in several crypto sector segments through various subsidiaries, including the popular blockchain focused firm tZERO.
In May, the company awarded dividend in a unique manner by offering a security token, represented by ticker OSTKO, which is a modification of OSTK, the ticker representing Overstock.
Last month, a report compared OSTKO’s trading volume with other security tokens. Subsidiaries of Overstock, including blockchain focused Medici Venture and tZERO, recorded a surge in volume.
Overstock’s CEO, Jonathan Johnson stated that the blockchain focused subsidiaries developed much needed solutions to address various problems.
Johnson said “As an organization, Overstock remains focused, disciplined, and resilient as our employees execute against our strategic initiatives.”
The CEO added:
“I am proud of the progress we have made, and I am confident that we can continue along this profitable trajectory. I look forward to providing a full update on our progress and performance during our earnings call.”
Pre-tax retail income of Overstock was $62 million higher than comparable quarter last year. During the same period tZERO recorded 129% y-o-y gain in revenue, reflecting results of its subsidiary SpeedRoute, which provides market access and smart order routing services for US equities to broker-dealer clients.
Among notable crypto related events in 2020, Overstock listed digital security token issued by Aspen Digital Inc. (ASPEN) on tZero ATS, a FINRA member broker dealer which operates an SEC-registered Alternative Trading System that facilitates trading of security tokens and US equities alike.