Overstock.com down more than 10% in the pre-market
The SEC launched a major cryptocurrency probe, several organizations reported late yesterday.
That includes scores of subpoenas to technology companies and advisors. One of them was Overstock.com, which ploughed into the crypto space last year and benefitted from a tremendous run in the stock price. From July to early January, shares rose more than 500%, including 23% in Sept after announcing the token.
Since the roll-over in Bitcoin, it's down about 40%, including today's drop. The company is conducting an offering of tZERO Tokens, digital coins that owners can use to pay fees on Overstock's trading platform.
Overstock.com shares daily:
Regulation is going to be a major theme this year but much of that appears to be priced into Bitcoin and some of the major cryptocurrencies. Expect more of an effect on smaller cryptos.
