Bitcoin has defied gravity this year, and it’s taken one retail stock along with it.
Shares of Overstock.com are on pace for their best year since 2004, largely due to the growing interest in cryptocurrencies, but some market participants are wary of the stock continuing its run.
In January 2014, Overstock became the first U.S. merchant to accept bitcoin, but in late July the company announced it would accept other forms of digital currencies and the stock has been on a straight line up ever since.
The company’s involvement with cryptocurrencies deepened in September, when it announced that one of its subsidiaries, tZero, would enter into the digital coin trading business with a joint venture that utilizes initial coin offerings and blockchain technology. The stock surged on the announcement; since then the shares have rallied 122 percent alone, making its year-to-date gains a whopping 198 percent.
Overstock plans to raise up to $500 million in an initial coin offering (ICO) expected next week, lasting until year-end…
Read Full: Bitcoin is giving this stock a huge boost
