Patrick Byrne is the CEO of Overstock.com, an online retailer that is estimated to be worth between $1.5 and $2.5 billion at the moment. While he has done a great job at helping to build up this iconic online retailer, it seems that his real passion is in crypto. Overstock was one of the earliest major companies to accept Bitcoin as payment, but for Byrne it seems, that is just the beginning.
He has recently come out and confirmed that Overstock is looking at several different options for turning the company over to a new leader, so he can focus on blockchain related interests.
Specifically, Byrne told CNBC, “My goal is [within] 60 to 90 days we walk away from this.” When he leaves Overstock, he will be focusing on De Soto Joint Venture, a new opportunity that he is working on that is all about a blockchain-based global property registry. When talking about this new move he said, “we think we can change the world for 5 billion people.”
The options that he is looking at for Overstock are as follows:
- Sell to a traditional brick-and-mortar business that could run the popular site.
- Sell to a strategic investor. They have already had interest from a wealthy Asian investor.
- Go with a private equity company.
Whatever happens with Overstock itself, it will be interesting to watch what Byrne does with his new focus on blockchain technologies.