Eightco Shares Soar 3,000% on $250 Million Worldcoin Treasury Plan

Shares of Eightco Holdings (Nasdaq: OCTO) surged over 3,000% on Monday, following the corporate’s announcement of a daring transfer to undertake Worldcoin (WLD) as its major treasury reserve asset.

Key Takeaways:

• Eightco shares surged over 3,000% after asserting a $250 million plan to undertake Worldcoin as its major treasury asset.
• The corporate will rebrand its ticker to “ORBS”, aligning with Worldcoin’s iris-scanning Orb gadgets.
• Eightco joins a wave of corporations getting into crypto treasuries, following the trail of MicroStrategy and BitMine.

The little-known e-commerce stock platform revealed plans to boost $250 million by way of a personal placement of 171.23 million frequent shares at $1.46 every, aiming to construct a considerable place within the Sam Altman-backed crypto challenge.

The providing is anticipated to shut on Thursday, with strategic individuals together with the World Basis, Kraken, and FalconX.

Eightco Shares Explode 3,000% in a Day, Then Dip After Hours

Eightco shares skyrocketed from $1.45 on Friday to $45.08 at Monday’s shut, a acquire of three,009%, after briefly hitting an intraday excessive above $80.

After-hours buying and selling noticed the inventory cool barely, dropping practically 6% to $42.40.

The corporate stated it could additionally accumulate Ethereum (ETH) as a secondary asset, however its major focus will probably be on Worldcoin, the controversial iris-scan-based cryptocurrency challenge run by World Community, previously often called Instruments for Humanity.

Eightco additionally introduced plans to rebrand its ticker to “ORBS” to replicate its alignment with Worldcoin’s eye-scanning Orb gadgets, that are used to difficulty World IDs as proof of personhood in an more and more AI-driven web.

Worldcoin, co-founded by OpenAI CEO Sam Altman, goals to confirm human identification on-line utilizing biometric knowledge. In return, customers obtain WLD tokens and entry to a rising ecosystem of providers.

Whereas the challenge has gained traction, it’s additionally confronted heavy scrutiny from regulators and privateness watchdogs, leading to restrictions and bans in a number of international locations.

“If we succeed on our mission, World would possibly develop into the most important community of actual folks on-line,” Altman stated in a press release.

Eightco’s transfer locations it within the rising membership of public corporations diversifying into crypto treasuries, following the playbook popularized by corporations like MicroStrategy and BitMine Immersion Applied sciences, the latter of which invested $20 million into Eightco as a part of its broader crypto technique.

Dan Ives Named Chairman of Eightco Amid Worldcoin Pivot

As a part of the announcement, Dan Ives, Wedbush Securities’ head of tech analysis, was named chairman of Eightco’s board.

Identified for his bullish views on AI and disruptive applied sciences, Ives known as the transfer “the subsequent step within the AI revolution round authentication and Proof of Human.”

In the meantime, Worldcoin has surged 49.2% prior to now 24 hours, buying and selling at $1.54, with a seven-day acquire of over 80%. Regardless of the rally, the token stays down practically 87% from its all-time excessive of $11.74 in March 2024.

As reported, Worldcoin’s digital identification system, World ID, has surpassed 100 million makes use of throughout third-party apps, marking a serious milestone for Sam Altman’s identity-focused crypto initiative.

Nonetheless, mounting regulatory strain and uncertainty proceed to weigh on the challenge, prompting a rebrand to World Community and the rollout of latest identification instruments like NFC passport verification, aimed toward privacy-friendly onboarding.

France, Portugal, Spain, Hong Kong, and South Korea have all launched investigations into the challenge’s knowledge practices.

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