TLDR
- Opendoor CEO Kaz Nejatian confirmed Bitcoin payment integration for home purchases via social media response
- Stock surged 14% to $9.28 on October 6, extending year-to-date gains to 480%
- New leadership includes CEO Nejatian from Shopify plus returning co-founders Keith Rabois and Eric Wu
- Q2 2025 results showed $1.6 billion revenue and first positive EBITDA in three years
- Hedge fund manager Eric Jackson believes company can capture 10% of real estate market share
Opendoor Technologies confirmed plans to accept Bitcoin for home purchases after CEO Kaz Nejatian responded to a user question on X. The announcement triggered a 14% stock jump to $9.28 on October 6.
“We will. Just need to prioritize it,” Nejatian wrote. The response indicates cryptocurrency payments are coming but won’t launch immediately.
The stock has climbed 480% year-to-date, making it one of the top performers in the real estate technology sector. Shares peaked at $10.52 on September 11 before pulling back.
Bitcoin reached new record highs over the weekend, driving renewed business interest in cryptocurrency payments. The timing of Nejatian’s comments aligned with the broader crypto rally.
Leadership Overhaul Fuels Turnaround
Opendoor appointed Nejatian as CEO in September after he served as Shopify’s chief operating officer. His e-commerce background brings fresh perspective to the real estate platform.
Co-founders Keith Rabois and Eric Wu returned as board chair and director. Both have been vocal on social media about company strategy and growth plans.
The new team focuses on operational efficiency and disciplined expansion. Hedge fund manager Eric Jackson sparked the initial rally when he revealed his position in July.
Jackson told Business Insider he sees the housing market shifting in a direction that benefits Opendoor. His thesis depends on the Federal Reserve continuing to cut interest rates.
“That’s not normal,” Jackson said about current 6%-7% mortgage rates. “I think we are due for reversion.”
Business Model and Financial Results
Opendoor operates as an iBuyer, purchasing homes and renovating them before reselling to consumers. The model allows the company to handle Bitcoin conversion internally without requiring sellers to manage crypto.
The company reported $1.6 billion in revenue during Q2 2025. This marked the first positive EBITDA in three years for the platform.
Net loss dropped to $29 million from $92 million the previous year. Cost cutting measures have improved the path to profitability.
Most competitors have exited the iBuyer space due to high interest rates. Opendoor remains one of few companies pursuing this capital-intensive strategy.
Management launched an agent partnership program where real estate agents use the platform to find customers. Early results show twice as many customers reach final cash offers faster than before.
Jackson believes Opendoor can capture 10% of all real estate transaction volume. He sees the platform serving homeowners who need to sell quickly.
“Some people are in a distressed situation and they need to be able to monetize their house quickly,” Jackson stated. The goal is offering liquidity within three days of accepting an offer.
The platform offers both cash offers and traditional listing services. This flexibility gives sellers options based on their timeline and needs.
Existing home sales rose 1.8% year-over-year in August according to the National Association of Realtors. Median home prices increased 2% over the same period.
The Federal Reserve has begun cutting interest rates, potentially improving conditions. Data from Propy shows over $4 billion in real estate deals completed on-chain since 2017.
