Online engineering science retailer Overstock is converting its blockchain investment wing into a blockchain-focused investment fund as it seeks to maximize profits amid the crypto boom.

Overstock.com announced on Monday that its wholly endemic blockchain-focused subsidiary, Medici Ventures, volition become a limited partnership fund, pending legal and regulatory approval.

Medici Ventures, which previously oversaw and managed Overstock's investments in blockchain-related companies, will cease providing its usual services, which also included software evolution and design services.

The fund is expected to run for eight years, with a capital commitment of $45 million. Third-party venture capital business firm Pelion Ventures Partners will act equally general partner of the fund and will do sole authority and responsibleness over investment decisions. Profits from the fund will exist returned to Overstock start earlier existence split according to the fund's express partnership understanding. The fund will besides ain a "significant" minority stake in the Overstock-owned tZero Group.

"Blockchain technology represents a leap forrad in fundamentally changing the mode we interact and transact with each other," said Overstock CEO Jonathan Johnson. "We remain bullish on blockchain technology but are changing the way we interact with these assets."

Pelion Ventures founder and general partner Blake Modersitzki added, "We are honored Overstock selected us to maximize the value of its blockchain assets. Many of these companies have real potential. We believe our team knows how to help them reach that potential."

Earlier in Jan, a Utah federal judge reversed his decision to dismiss a course-action lawsuit that accuses Overstock of knowingly distributing a security token. The OSTKO token was framed as a "digital dividend" airdropped for free to Overstock shareholders, which plaintiffs in the case merits was designed to dispense the Overstock's stock toll.