Overstock.com shares jump, adding to bitcoin-fueled rally
03/02/2021 18:20
** Overstock.com OSTK.O shares up 13.9% at $88.49 on Weds,
taking 2021 gain to ~85%
** OSTK shares on Jan 26 surged 28% to $86.44 after co said
Pelion Venture Partners to oversee its wholly owned subsidiary
Medici Ventures' blockchain assets urn:newsml:reuters.com:*:nL1N2K12H9
** Co has gotten a boost as Bitcoin BTC=BTSP , which has
more than tripled since end-Sept, blasted past $40,000 for first
time on Jan 7. Bitcoin on Weds up 3.81% at $36,875.3
** Early Weds, OSTK said its blockchain unit tZERO inked
technology agreement with digital transfer agent Vertalo
urn:newsml:reuters.com:*:nBw2GTK2ga
** Following integration, co says Vertalo's technology to be
interoperable with tZERO's technology stack, which powers the
alternative trading system (ATS) that is operated by tZERO ATS
** In addition, Credit Suisse earlier today raised its OSTK
PT from $74 to $90 vs median of $98, per Refinitiv data
** Stock now up >1,000% over the past one year, benefiting
from consumer shift to e-commerce and increased spending on
home-furnishing items amid COVID-19 pandemic lockdowns
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))