In the application to the Commission on securities and exchange Commission (SEC) a Bank holding company Morgan Stanley has indicated that he owns a large passive stake in the online retailer Overstock. The news about such when the traditional Bank and companies of a benevolent bitcoin has led to a sharp rise in the shares of the retailer – for the third time this quarter.
Bank Morgan Stanley, which this fall celebrated 82nd birthday, has acquired 11.4% stake Overstock.com. In 2014, Overstock became the first major retailer started to accept bitcoins.
In accordance with the provisions of the SEC that Morgan Stanley has filed with the Commission a document
with detailed purchase information. The application indicates that the Bank made the purchase on 30 November and that he owns about 3 million shares, representing slightly more than 11% of the company.
Shares of Overstock rose by around 200% this year alone, mostly due to the fact that the company paid attention to bitcoin and blockchain technology. The news of the purchase of shares by the Bank led to another growth – 20% per trading day. For online retailer of the quarter proved to be extremely successful. In October, its shares rose 11%, and even more than 30% in November.
News about the launch of futures trading on bitcoin at the CBOE and CME this month also is clearly fueled interest in Overstock, which in September announced
about creating a regulated exchange to trade token-ICO. The company is increasingly moving towards the development of new technologies, is gradually making the trade side of the business.
This is evidenced by the fact that her performance as retailer leaves much to be desired. According to Motley Fool, «the company announced a net loss of $ 11 million dollars within 12 months. Its operating profit margin hovers around 1% at the best of times».
It seems that investors are beginning to see in the Overstock not so much the online retailer as the potential of the player in the industry of cryptocurrencies and the blockchain. We also know that the organization owns some number of bitcoins, which plans to invest in projects related to cryptocurrencies. However, the specific amount of savings Overstock is not disclosed.