Why Overstock.com Stock Jumped as Much as 13% Today
Shares of Overstock.com (NASDAQ: OSTK) rose just over 13% at one point during trading on Nov. 17. By 3:30pm EST or so they had given back a little of that gain but were still holding on to an advance of roughly 10.5%. And it had nothing to do with this online retailer's retail business.
Although best known for selling discount products like furniture on the internet, Overstock has branched out into a number of different areas through its Medici Ventures division. While this business isn't the driving force at Overstock, its tZERO and bitt investments have taken a more prominent role at the company in 2020. Management even features these two investments prominently in quarterly earnings updates. Both bitt and tZERO are involved in cryptocurrencies and, for some investors, that has made Overstock something of a play on the cryptocurrency space.
Image source: Getty Images.
Source Fool.com
