Overstock.com announced in mid-December that it was launching into blockchain technology with an ICO to raise money for two subsidiary projects. Patrick Byrne, the company’s CEO, followed this up in the New Year, with further news of a major investment which will help fund the projects.

In an end-of-year SEC (Securities and Exchange Commission) filing, Overstock disclosed that the holder of one of its warrants had exercised the right to buy 2,471,188 shares of the company's common stock, for a fixed price of $100m. Although the investor was not named in the report, Byrne has identified the Quantum Fund as the warrant holder, which is managed by investment billionaire George Soros.

Byrne anticipates that approximately one-fifth of the $100m funding will go into his blockchain land sales project, DeSoto Inc, which he is setting up with the Peruvian economist, Hernando DeSoto. Some may also go into the second blockchain project, tZERO, but not to buy any of the tokens issued in their ICO. Overstock will be putting $30m into tZERO tokens, but Byrne says this will be from another source of funds, while the remaining $80m from Quantum Fund will be invested in Overstock’s e-commerce and other blockchain ventures.

tZERO's pre-ICO has already acquired commitment from investors who want to acquire the tokens, to the tune of $100m – four times their projected goal for January 18th.