Why Overstock.com, Inc. Shares Soared Today

Shares of Overstock.com, Inc. (NASDAQ: OSTK) were skyrocketing Wednesday after the online retailer said it would participate in a joint venture to launch a cryptocurrency trading market.

Though the venture seems to take Overstock far away from its core focus of online retail, this is not the company's first foray into the blockchain as its subsidiary tZero launched the first SEC-compliant Alternative Trading System for Blockchain in 2015 as well as the first private blockchain bond offering.

The stock closed up 23.5% on the news.

Source: Fool.com