CEO Kaz Nejatian and board chair Keith Rabois have recently been active on X, posting updates about the company’s plans and engaging in discussions related to Opendoor.
Opendoor CEO Kaz Nejatian has suggested that his company may allow the buying and selling of homes on its online platform with cryptocurrency, a development that could weigh on the company’s shares on Monday.
Replying to a comment on X from a user asking for the option to enable home buying on Opendoor “using bitcoin or some other cryptos”, Nejatian said, “We will. Just need to prioritize it.”
The response conveys that the plan may be in the future, although it confirms that Opendoor — which is riding a renewed “meme stock” wave — is considering a Bitcoin play. Opendoor did not reply to a Stocktwits query seeking more details.
The development also signals the growing interest in cryptocurrencies among businesses. After MicroStrategy’s 2020 shift to hold Bitcoin as a treasury asset, several companies have followed suit, with even more embracing cryptocurrencies this year, buoyed by optimism around the Donald Trump administration’s crypto-friendly stance.
The price of Bitcoin has risen sharply in recent weeks, hitting another record on Sunday, fueling gains in shares of companies with significant holdings such as Strategy.
Monday’s move in Opendoor could also be influenced by Trump’s comments on Sunday regarding the revival of new home development.
Opendoor, an online platform for buying and selling homes, as well as providing related home-purchase services, has been in the spotlight for several months due to intense retail interest and backing from certain investors.
Its shares have climbed over 1,300% since the start of July to date, peaking at over $10.52 on Sept. 11, amid a revamp of the top brass. The company tapped Nejatian, previously COO at Shopify, last month as CEO. Additionally, it appointed the company’s co-founders, Keith Rabois and Eric Wu, as board chair and director, respectively.
To be sure, Nejatian and Rabois have recently been active on X, posting about company plans and engaging in discussions related to Opendoor.
On Stocktwits, the retail sentiment for OPEN stock was ‘bearish’ as of early Monday, although several users were anticipating gains this week.
“$OPEN it will be a good week .. +$12 easy,” said a user.
Year-to-date, Opendoor shares are up 407%.
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