Why Overstock.com Is Rocketing Higher Today

Shares of online retailer Overstock.com (NASDAQ: OSTK) jumped on Monday after Morgan Stanley reported a large passive stake in the company. The stock may also be benefiting from the launch of the first bitcoin futures contracts on Sunday. Overstock owns a substantial quantity of bitcoin, and announced plans for an exchange for trading cryptocurrencies and its own initial coin offering earlier this year. Shares of Overstock were up about 22% at 11:45 a.m. EST.

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Overstock's core business is e-commerce, but speculators have been focused the company's various cryptocurrency announcements over the past few months. The stock has gained about 240% since Aug. 1.

Source: Fool.com