Quick Breakdown
- Eightco stock spiked over 3,000% after announcing a $250M Worldcoin treasury plan.
- The firm will rebrand its ticker to ORBS and may add Ether as a secondary reserve.
- Worldcoin jumped nearly 50% on the news, extending its week-long rally.
Shares of Eightco Holdings skyrocketed more than 3,000% on Monday after the e-commerce inventory platform unveiled plans to adopt Worldcoin as its primary treasury reserve asset.
Eightco Unveils $250M Offering for Worldcoin Strategy
The company announced a $250 million private placement of 171.23 million common shares at $1.46 each, scheduled for Thursday. The offering will see participation from the World Foundation, Kraken, and FalconX. Proceeds will fund Eightco’s new Worldcoin-focused treasury strategy, with Ether considered as a secondary reserve.
It included BitMine Immersion Technologies, which has the largest Ether holdings among public firms, and has purchased 13.7 million common shares for $20 million. Eightco said it would also change its Nasdaq ticker from OCTO to ORBS to reflect its pivot, referencing Worldcoin’s signature iris-scanning “Orb” devices.
Stock Explodes Before Cooling Off
Eightco shares closed at $45.08, a 3,009% surge from Friday’s close of $1.45, though below its intraday high of over $80. After-hours trading saw the stock slip nearly 6% to $42.40 according to Google Finance data.
The extraordinary rally adds Eightco to the growing list of non-crypto firms accumulating digital assets, a trend that has drawn regulatory concern about long-term financial health.
Dan Ives Joins as Chairman
Eightco also appointed Dan Ives, Wedbush Securities’ head of tech research, as its new chairman. Ives, known for bullish calls on the tech sector, linked his appointment to the growing convergence of AI and blockchain authentication.
“The future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution,”
Ives said.
Worldcoin Price Jumps on News
Worldcoin (WLD) surged 49.2% in 24 hours to $1.54 following Eightco’s announcement. The token has gained 80.5% in the past week but remains down 87% from its March 2024 peak of $11.74.
Worldcoin, co-founded by OpenAI CEO Sam Altman, has faced regulatory scrutiny and bans in several countries due to privacy concerns associated with its biometric identity system.
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