Sunday, January 7, 2018

Self-Proclaimed Libertarian Patrick Byrne Gets $100 Million from George Soros, founded by Patrick Byrne, disclosed in a Securities and Exchange Commission  filing this week that the holder of a warrant had exercised its right to buy $100 million worth of shares. Although the filing did not identify the investor, Byrne told CoinDesk it was the Quantum Fund, managed by billionaire George Soros.

Of the $100 million Overstock received, Byrne said he anticipates $20 million will fund DeSoto Inc., the blockchain property rights joint venture he is working on in partnership with economist Hernando DeSoto.

As for the other $80 million, Byrne said he intends to invest the funds across Overstock's flagship e-commerce platform (which accepts bitcoin for payments) and the other blockchain ventures that are part of its Medici Ventures subsidiary.

With the cost to complete a Bitcoin transaction climbing to over $30, it will be interesting to see how much business Overstock is now doing via Bitcoin.



  1. Well, let's remember that "gold has no smell", and that Soros was once the partner of Jim Rogers.
    Anyhow, good luck to him. Private enterprise (I mean REAL private enterprise) isn't political.

  2. Doesn't overstock own and store gold for their employees retirement; could this in any way have anything to do? Or do I have that totally wrong?