Byrne said the funds from the ICO could reshape Overstock.com's business. That could include selling off the retail side and focusing on the company's ownership of 10 blockchain companies, the technology behind cryptocurrencies like bitcoin. Overstock.com was one of the first companies to accept bitcoin and will make the ICO through its exchange tZero.
"Blockchain is going to change the world more, I think, than the internet has," Byrne told CNNMoney, adding that he prefers ICOs over Wall Street stock offerings.
Overstock isn't the only company to explore an ICO. As startups saw increased difficulty in securing funding, several businesses this year turned to cryptocurrencies to stay afloat, including paying rent. ICOs raised $4 billion this year, according to the financial research company Autonomous Research. That's a huge jump from the $226 million ICOs raised in 2016.