Investors on Friday are stocking up on Overstock (OSTK) - Get Report after the CEO disclosed progress in the company's effort to become a blockchain company and shed its retail business.

At the Fortune Brainstorm Finance conference in Montauk, N.Y., Chief Executive Patrick Byrne told CNN Business that the company received inquiries from two potential buyers on the retail side.

Byrne declined to identify the bidders, CNN reported. But the news service said Byrne had previously valued the retail business at $100 million.

Adjusted earnings before interest, taxes, depreciation and amortization for 2019 should come in around $20 million, compared with the company's May estimate of $15 million, the exec said.

Byrne said Overstock has found retailing too competitive and sees a fast-growing opportunity in blockchain. He said he welcomed Facebook's (FB) - Get Report plan to develop a cryptocurrency called Libra and that the move helped validate the sector.

In March 2018, Overstock said the Securities and Exchange Commission was inquiring about its cryptocurrency-focused business, tZero. Byrne told CNN that the Midvale, Utah, company supplied the agency with documents and was awaiting a response.

Overstock shares on Friday closed more than 15% higher at $11.57 on Nasdaq.