Overstock’s Blockchain Ventures Growing in Q2
Current Q2 financial details from blockchain-involved company Overstock show triple-digit percentage growth as opposed to the same time in 2019. “Total net revenue was $783 million, an increase of 109% year over year,” a public statement said on July 30. “Gross profit was $180 million or 23.0% of total net revenue, an improvement of 321 basis points year over year.”
Overstock Issued Digital Securities to Investors in Q2.
The mainstream giant promotes several areas of crypto involvement, including a blockchain wing identified as tZERO. Overstock gave it’s stock shareholders a new sort of dividend payout in May — a security token under the ticker OSTKO, a slight modification from its mainstream stock ticker, OSTK. Reporting showed top comparative volume for OSTKO, among other security tokens, by June.
The company’s Blockchain sector shows promising results.
Entities in the purview of Overstock’s daughter outfit, blockchain company Medici Ventures, posted forward advancement, involving tZERO, according to comments in the statement from Overstock’s CEO, Jonathan Johnson. Johnson stated such businesses drew forth timely solutions in the face of recent national problems.
“As an organization, Overstock remains focused, disciplined, and resilient as our employees execute against our strategic initiatives,” he said in a statement. 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.”
Overstock also recorded $62 million more than the same time last year in terms of pre-tax retail income. At the same time, tZERO yielded 129% YoY net revenue gains — the said result of volume from its daughter broker-dealer company SpeedRoute, the statement stated.
Among several other events in 2020, Overstock’s tZero also currently listed Aspen Digital’s security token. Aspen Digital is connected to the St. Regis Aspen Resort in Colorado.