Overstock founder Patrick Byrne sells 5 million shares in favor of cryptocurrencies and gold

Byrne pocketed approximately $90 million in the sale of 5 million shares.
The founder of Overstock will invest in securities that are “counter-cyclical to the economy” including gold and crypto.

John Isige FXStreet

The founder and former CEO of the giant e-commerce platform Overstock is reported to have put all his holdings in the company up for sale. According to Bloomberg, Patrick Byrne is ready to go all in on gold and cryptocurrency with funds from the sale.

About 5 million shares have been cashed out for approximately $90 million as per a regulatory filing on Wednesday. Interestingly the sale commenced earlier in the week following a 65% rally of the stock. This was the biggest move since September 13, 2018.

He later sent a message to his Colleagues on Wednesday saying that he was planning to channel the proceeds of the sale in securities that are “counter-cyclical to the economy” ranging from gold, silver and a two cryptocurrencies by Friday this week. He, however added that he was ready to offer a “capital injection if needed by buying back into Overstock.”

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions

Ripple (XRP) is losing momentum on Thursday, albeit gradually, trading above $1.13. The remittance token tagged a weekly high of $1.16 on Tuesday, with gains mainly attributed to developments on the United States (US) Clarity Act and recent signs that inflation is easing in the world’s largest economy.

Crypto Today: Bitcoin, Ethereum, XRP trim gains despite resilient ETF inflows

Cryptocurrency prices are trending lower on Thursday, pressured by renewed inflation concerns stemming from ongoing tensions between the United States (US) and Iran and persistently elevated Oil prices. Bitcoin (BTC) is approaching short-term support at $65,000, with upside resistance remaining firm at $67,000.

Worldcoin Price Forecast: WLD steadies as multiple bullish signals line up

Woldcoin (WLD) price trades around $0.3838 at press time on Thursday, extending a consolidative tone capped beneath the 50-day Exponential Moving Average (EMA) at $0.4141. WLD token emissions are scheduled to drop by 43% from Friday, reducing supply pressure. Retail activity in WLD derivatives remains firm, with a 40% rise in trading volume and elevated funding rates.

Dogecoin Price Forecast: DOGE nears yearly low as risk appetite fades

Dogecoin (DOGE) extends its decline on Thursday, approaching its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Escalating US-Iran conflict and fresh Houthi threats have dampened risk appetite, weighing on speculative assets such as DOGE. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.