Why Overstock.com Shares Rallied Nearly 17% Today

Shares of online retailer Overstock.com (NASDAQ: OSTK) rose nearly 17% at one point in morning trading on Feb. 3. Although the stock had pulled back a little by 1 p.m. EST, it was still up about 13%. As has been the case lately, the move higher wasn't related to Overstock.com's retail business, but its Medici Ventures operation.

Medici Ventures is a subsidiary that has material investments in blockchain businesses. The big news last week was that Overstock.com plans to create a partnership with Pelion Venture Partners, leaving Pelion to run the business. The completion of that deal, however, is likely months away. But that hasn't stopped Medici Ventures from continuing to expand its presence in the blockchain space.

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Source Fool.com