Despite the explosive growth of the security token industry in the third quarter, Overstock's third quarter 2020 earnings report reveals that its alternative trading system tZERO (ATS) continued to lose money.
ATS specializes in security tokens, consistently hosting over 95% of the industry's monthly trade volumes. tZERO has seen spectacular growth in recent months, with monthly volume falling from less than $ 1 million in May to $ 21.8 in trade in August - before falling back to $ 9 million in September.
Although tZERO's net revenue increased 97% year-over-year to $ 11.1 million, the latest Overstock earnings report shows tZERO lost $ 12.4 million. pre-tax dollars for the third quarter.
Considering its performance over the nine months ending September 30, tZERO posted a loss of $ 35.5 million despite net sales of $ 34.1 million. During the same period in 2019, tZERO generated $ 15.7 in revenue, but lost $ 38.7 million.
In 2013, Overstock, then a successful online retail business, became one of the first large consumer companies to support Bitcoin. Although it has announced that it will abandon retail to focus on blockchain and cryptocurrency technology in 2018, retail is the only segment of Overstock's business that is currently profitable - generating $ 43 million in revenue last quarter.
Overstock made an initial coin offering (ICO) of $ 134 million for tZERO in mid-2018.
Medici Ventures Inc, which provides ongoing support for the development of the Ravencoin tokenization protocol (RVN), raised just $ 2.8 million in the third quarter to post a quarterly loss of nearly $ 6.6 million in total .
On October 28, Medici Ventures announced that it had purchased an $ 8 million stake in Caribbean-focused blockchain technology provider Bitt. Medici previously bought $ 4 million of Bitt shares in 2016, followed by a $ 3 million share purchase in 2018.
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