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Overstock Completes Deal to Convert Medici Ventures Into Fund Managed by Pelion
The deal is part of Overstock’s plan to exit its blockchain-related investments.
Nasdaq-listed Overstock (NASDAQ: OSTK) announced Monday it has closed its transaction with venture capital firm Pelion Venture Partners to manage blockchain-focused Medici Ventures.
STORY CONTINUES BELOW
- In its announcement, Overstock said its blockchain-focused subsidiary, Medici Ventures, has now been converted into a limited partnership and will be managed by Pelion.
- As reported by CoinDesk in January, Overstock said the business would be converted into a limited partnership under new management as part of Overstock’s plan to eventually exit its blockchain-related investments.
- Pelion is now fully responsible for the fund’s investment decisions and will act as the general partner of the fund, and Overstock will be the sole limited partner. Overstock has committed $45 million over the eight-year life of the fund.
- According to the partnership agreement terms, the fund will return invested capital to Overstock first and then split profits on successful exits.
- Overstock will retain a direct minority equity interest in the blockchain technology firm tZERO Group, while the fund will hold a minority stake.
Read more: Overstock Turns Medici Ventures Into a Fund to Reap Value of Blockchain Assets
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
