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Overstock.com Exceeds $1M In Bitcoin Transactions In Two Months

Matt Burns

Surprise! People have bitcoins and want to spend them, a fact that Overstock.com quickly discovered after they started accepting bitcoin payments.

“We did not expect to hit this milestone so quickly,” states Overstock.com Chairman and CEO Patrick M. Byrne. “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

Overstock.com started accepting Bitcoin in early January by partnering with Coinbase to process the payments and handle the conversion of Bitcoin into U.S. dollars. Since then, Overstock.com reports 4,300 customers paid for over $1 million worth of goods with Bitcoin. The retailer estimates almost 60% of those are new customers to Overstock.com.

Bitcoin will likely remain a small part of Overstock.com’s sales. The retailer’s most recent financial statement indicates that it saw $397.6 million in revenue during its fourth quarter. Bitcoin transactions have a long way to go.

Overstock.com’s stock price jumped on this news and is currently trading 4% up on the day.

Up until Overstock.com started accepting Bitcoin, only small retailers and services were accepting the currency. It was originally an experiment for the retailer but today’s press release clearly shows that Overstock.com is happy with the results.

So who’s next? Newegg? Zappos? Maybe even Amazon?

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Matt Burns
Matt Burns is a longtime technology journalist, now Editorial Director at Insight Media Group and formerly Managing Editor at TechCrunch. At Insight Media Group, he guides coverage and contributor programs across fast-growing tech publications. Before that, he spent 15+ years at TechCrunch, rising from contributor to Managing Editor, helping scale the newsroom and program Disrupt’s stages and TechCrunch’s other events. Earlier, he also wrote for Engadget. Matt co-founded the Resilience Conference, an event series at the intersection of defense, security, and startup innovation. There he builds agendas, hosts sessions, and launched “Launch @ Resilience,” a showcase for early-stage teams building nation-defending technology. Across roles, he’s reported on and moderated conversations in AI, mobility, frontier tech, and the hard problems technology companies face. He’s interviewed world leaders, top investors, startup founders, and public-company CEOs. Lifelong Michiganian with plenty of Silicon Valley miles, he brings Midwest empathy and an editor’s eye. Offstage, he works with teams to sharpen narrative and validate go-to-market plans, and, when possible, camping along Lake Michigan.
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