Ousted former CEO of Overstock, Patrick Byrne, revealed via a regulatory filing on Wednesday that he offloaded his entire holdings in the internet retailer he’s been at the helm for since 1999.
In a post directed to former colleagues of the company, Byrne stated that by Friday, Sept. 20 all proceeds, minus tens of millions in taxes, will have made their way into “counter-cyclical” investments including gold, silver and “two flavors” of crypto.
The kooky businessman didn’t, however, reveal which cryptocurrencies would receive a bid thanks to the cash injection.
Byrne’s resignation last month followed a series of public self-disclosures of his involvement in FBI-linked espionage.
Indeed Byrne’s tagline on his DeepCapture blog states: ‘I am a concerned citizen who has been hunting the oligarchy since 2004 and the Deep State since 2006.’
Byrne is well-known for punting security tokens in his days at Overstock but may elect to go the privacy coin route when transferring his wealth.
“The crypto is stored in the place where all crypto is stored. In mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things. (With paper backups in the hands of a priest I met 35 years ago who never sits foot in the West).”
Byrne should probably resist the temptation to reveal details about his private keys, however.
The entire episode reminds one of that other crypto conspiracy celebrity, John McAfee, who regularly reveals Twitter location clues as the CIA chases him around the globe.
As for the gold and silver, moving precious commodities in any large number for Byrne may prove tricky. He has plans in place for that too.
“The gold and silver are stored outside of the United States. In Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State.”
The fire sale, which took place over three days, is worth around $90 million. It highlights the effect that dumping 5 million shares has on the market.
Overstock is down nearly 35% since Monday. Byrne sold progressively lower until he was finally liquidated around $16 a share.
Overstock witnessed a parabolic run to $80 a share in 2017, which coincided with the altcoin boom-bust phenomena. It has since stumbled in the aftermath.
Apart from this particular period, shares have largely traded sideways in the 25 years since listing.
Gold, on the other hand, is up 300% in the same period. Ultimately, though, the mantle for the best-performing asset of this century must go to bitcoin.
Whether Byrne chooses the flagship cryptocurrency or not still remains to be seen.
Last modified: June 14, 2020 9:39 AM UTC