Amid Blockchain Securities Push, Overstock CEO Takes Medical Leave

In a letter to shareholders, Overstock CEO Patrick Byrne has announced that he will take a medical leave of absence.

AccessTimeIconApr 11, 2016 at 3:00 p.m. UTC
Updated Sep 11, 2021 at 12:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Overstock CEO Patrick Byrne announced today that he will take a medical leave of absence from the online retail giant.

Revealed in a letter to shareholders, the move comes as the online retailer moves ahead with plans to launch a blockchain-powered securities exchange, dubbed tØ.

Overstock has spent millions on that initiative, and the firm recently indicated its intention to issue its own stock on the platform in the future. Byrne himself has become a noteworthy advocate for the emerging technology since the online retailer first started taking bitcoin payments in 2014.

Byrne said in the letter that treatment related to a diagnosis of hepatitis C, an infectious disease that targets the liver, is the primary driver behind the "indefinite" leave.

Byrne has recommended that Overstock special counsel and senior vice president Mitch Edwards serve as acting chief executive.

In the letter, Byrne suggested that Edwards would be well-suited to continue spearheading the firm's blockchain efforts, stating:

"Mitch is an outstanding full-spectrum entrepreneur who has serving as our general counsel for six months and has learned our business, and understands our t0 efforts to revolutionize the capital markets."

Image via Overstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.