Opendoor Chief Executive Kaz Nejatian told a user on X that the company will let customers buy and sell homes on its site using Bitcoin or other cryptocurrencies, but that the feature is not an immediate priority.
The comment came as a reply to a request for crypto payments, and it signals the idea is on the table and could weigh on Opendoor shares on Monday as traders digest the news.
The CEO’s remark and market signal
Nejatian wrote in reply, “We will. Just need to prioritise it,” and the short answer hinted that the firm is open to a Bitcoin play.Â
Opendoor did not respond to a Stocktwits request for details on timing or how the feature would work. The comment nonetheless drew attention because the company has seen intense retail interest and strong share moves in recent months.
A meme stock run and big share gains
Opendoor has been in the spotlight since July, and retail traders pushed the stock sharply higher. The shares rose by over 1,300% from the start of July through mid-September.
The stock hit a high above $10.52 on Sept. 11, and that surge came as the company revamped its leadership and cut costs to improve its finances. Any new plan tied to crypto could add to the volatility.
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Why are companies talking crypto?
Some firms have embraced Bitcoin as an asset or payment option in recent years. MicroStrategy led that trend in 2020 by buying Bitcoin for its treasury.
That step encouraged other firms to consider crypto, and the current rise in Bitcoin’s price has lifted shares of firms with large holdings. More broadly, a friendlier federal stance on crypto has raised hopes that more businesses will adopt digital assets.
Opendoor’s business and current moves
Opendoor buys homes directly, fixes them up, and then resells them, and that is the iBuyer model. It needs lots of capital to buy houses on a large scale. That approach can be hard to run when interest rates are high.
Many rivals left the iBuyer market, but Opendoor stayed, and the firm cut costs and narrowed losses. Net loss fell to $29 million in the second quarter from $92 million a year earlier.
Management also launched an agent partnership program, and the program lets agents find clients through Opendoor’s platform while Opendoor takes a share of the sale.
Nejatian’s reply did not spell out the mechanics, and the idea would let buyers use bitcoin or other tokens to pay for homes on Opendoor’s platform.
That could mean a direct crypto transfer or a system that converts crypto to dollars at the point of sale. It could also mean new custody or compliance steps for the firm. For now, those details are not public.
Risks and questions
Allowing crypto payments would raise several issues, as the iBuyer model is capital-heavy. Crypto prices swing a lot, and that creates extra financial risk if Opendoor holds crypto on its balance sheet.
It would also face legal and tax questions, and the company would need processes for anti-money laundering checks and for reporting gains or losses. Investors will watch for any formal plan or pilot and for how management proposes to limit risk.
Key items to follow are whether Opendoor announces a pilot, who would handle crypto custody, and how the company would price homes paid in crypto.
Traders will also watch the stock for more moves tied to any crypto news. The company’s response to regulatory and tax angles will matter as well.
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