Overstock's Blockchain Ventures Booming in Q2

Recent Q2 financial details from blockchain-involved company Overstock show triple digit percentage growth compared to the same time in 2019.

“Our retail success was outstanding,” Overstock CEO and Medici Ventures president Jonathan Johnson told Cointelegraph on July 30. “There were also some good Q2 wins from our blockchain companies,” he added, pointing specifically toward blockchain branch tZERO, its alternative trading platform, tZERO ATS, and blockchain-based voting app Voatz.

Overstock issued digital securities to investors in Q2

"Total net revenue was $783 million, an increase of 109% year over year," a public statement on Overstock’s second quarter performance 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."

The mainstream giant touts various areas of crypto involvement, including tZERO. Overstock gave its stock shareholders a new kind of dividend payout in May — a security token under the ticker OSTKO, a slight alteration from its mainstream stock ticker, OSTK.

By June, reporting showed top comparative volume for OSTKO among other security tokens.

The company's Blockchain sector shows promising results

Entities under the purview of Overstock's daughter outfit, blockchain company Medici Ventures,  posted forward advancement, including tZERO, according to comments in the statement from Overstock's CEO, Jonathan Johnson. Johnson noted such businesses brought forth timely solutions in the face of current national issues.

"As an organization, Overstock remains focused, disciplined, and resilient as our employees execute against our strategic initiatives," he said.

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 tallied $62 million more than the same time period last year in terms of pre-tax retail income, while tZERO yielded 129% YoY net revenue gains — the stated result of volume from its daughter broker-dealer company SpeedRoute, the statement said.

Among a number of other events in 2020, Overstock's tZero also recently listed Aspen Digital's security token. Aspen Digital is connected to the St. Regis Aspen Resort in Colorado.

UPDATE July 31, 18:34 UTC: This article has been updated with information Cointelegraph received from Overstock after initial publication.