Cryptocurrency, Bitcoin (BTC)–The CEO of Overstock.com, one of the earliest digital storefronts to accept cryptocurrency and still one of the largest to date, sold 10 percent of his stock last week totaling more than $20 million in a report by CNBC earlier today. According to the filing by the SEC, Patrick Byrne sold $20.7 million worth of Overstock share in two lump sums. Stock prices fell sharply in the aftermath of the report, down 12 percent at one point before making a recovery.
Given the relationship between Overstock and the sinking price of cryptocurrency (one that also benefited shareholders last year during Bitcoin’s massive bull run), there was speculation over whether the CEO was reacting to the ongoing bearish cycle that has characterized 2018. Instead, Byrne wrote in an open letter to investors that he does not plan on going anywhere, stating “don’t worry, I’m still in the game.” Byrne also asked investors not to panic or speculate widely over his decision to sell 10 percent of his shares, saying his intention is to re-invest most of the capital back into investments related to Overstock and Medici Ventures (a subsidiary of the parent company Overstock established to pursue blockchain projects),