=Overstock.com (OSTK) reported earnings on Wed 8 Nov 2017 (a/h)

Overstock.com beats by $0.06, misses on revs (single est.); tZERO expects to launch the ICO process around November 30 

• Reports Q3 (Sep) loss of $0.03 per share, $0.06 better than the single analyst estimate of ($0.09); revenues fell 4.0% year/year to $424 mln vs the $452.6 mln single analyst estimate. 
• On the Medici front: There may be no better-positioned company for blockchain investments in the world. We have made nine such investments, and under the guidance of our President of Medici Ventures, Jonathan Johnson, Medici has brought a lot of value to our investments by tapping into various Overstock resources to help nurture the firms that desire it (some of which have been fairly nascent). The formula is proving to be quite a success. One of those successes is our blockchain-meets-Wall-Street firm, tZERO, which has drawn much attention this quarter due to the SEC's July 25 ruling regarding DAO tokens: if the ICO world is going to shift towards security ICOs (and hence, securities, as the SEC decision has been read by most), then those instruments need to trade upon an SEC-compliant venue that is technologically capable of handling blockchain. Furthermore, we believe there is precisely one such venue in the world, and tZERO owns it. In addition, tZERO's Digital Locate Receipt ("DLR") product is hitting full stride today, with ~$100 billion in securities on which tZERO can generate a DLR representing a pre-borrow (which is better than a "locate"). As of this week, the DLR platform is now integrated into multiple trading platforms allowing thousands of active traders, access to billions of dollars of available DLR inventory. All in all, there are historic possibilities piling up in tZERO alone (to say nothing of other blockchain opportunities we are already developing, including one I suspect is bigger even than tZERO)
• tZERO expects to launch the ICO process around November 30, 2017, subject to market conditions and regulatory developments.
• "We currently contemplate that the token's features will include: a right to share in a portion of tZERO's top-line revenue (with such payments deposited into holders' digital wallets); utility to pay for fees on the ATS, with a reduced fee schedule for token holders; additional utility features and functionality that will be announced at a later date. The proceeds of the pre-sale will be used, among other things, for strategic acquisitions and enhancements to the tZERO platform."