Overstock, the first billion dollar company to accept bitcoin, has invested $ 5 million USD in Peernova. This company is the product of a merger between cloud mining contractor CloudHashing and ASIC designer HighBitcoin, which took place in early 2014. Peernova raised $ 8.6 million USD in December of 2014. According to Peernova, Overstock’s investment raised its total funding to $ 19 million USD, including debt financing.
Overstock’s investment decision was approved by its board of directors, and will be announced to its stockholders in the next quarterly report.
This financial contribution from Overstock is unexpected, as the reputation of Peernova’s predecessors has negatively impacted the company post-merger. HighBitcoin was ultimately discontinued as a brand, and CloudHashing has faced a series of complaints from customers who lost money on mining contracts and were being asked by CloudHashing to pay for contract termination.