Stock Alert: Overstock.com Shares Up 18%

(RTTNews) - Shares of Overstock.com Inc. (OSTK) are currently trading at $80.00, up $12.60 or 18.69% Tuesday morning, with trading volume rising over 2.16 million versus an average volume of 3.75 million shares. The stock has been trading in the range of $2.53 - $128.50 for the past one year.

The company, on Monday, said it will be converting Medici Ventures Inc., its wholly owned blockchain-focused subsidiary, to a limited partnership. An entity within Pelion Venture Partners, a third-party venture capital firm with a proven track record of successfully investing in early stage companies, will act as the general partner of the Fund, the company said.

Further, the company noted that Medici Ventures will discontinue providing software development and design services to its portfolio companies. As an on-going advocate of blockchain technology, Overstock will continue to accept Bitcoin as a form of payment for products purchased on its website.