Why Overstock.com, Inc. Surged 35% in September

Shares of Overstock.com (NASDAQ: OSTK) soared 35.3% last month, according to data provided by S&P Global Market Intelligence. Investors cheered the online retailer's new joint venture, which aims to create a trading market for blockchain-based digital tokens.

Overstock's tZERO subsidiary will partner with investment bank Argon Group and financial services firm RenGen LLC on the venture. Together, they plan to launch the first SEC- and FINRA-compliant Alternative Trading System for security tokens issued in Initial Coin Offerings (ICOs).

In its press release, Overstock noted that ICOs have raised more than $2 billion so far this year, demonstrating the rapid growth of this emerging asset class.

Source: Fool.com