Fintech firm pivots to crypto reserves with backing from BitMine and key industry players
Shares of Eightco Holdings (NASDAQ: OCTO) surged more than 3,000% in a single trading day after the fintech firm revealed plans to raise $250 million to build a Worldcoin treasury reserve. The dramatic move signals a growing trend of non-crypto companies adopting digital assets as core financial holdings.
Treasury Strategy Sparks Historic Rally
Eightco announced Monday that it will sell 171.23 million common shares at $1.46 each in a private placement to fund the initiative. The company said the proceeds would be used to acquire Worldcoin (WLD) as its primary reserve asset, with Ether (ETH) as a potential secondary holding.
Backing the plan is BitMine Immersion Technologies, currently the largest corporate holder of Ether. BitMine has already purchased 13.7 million Eightco shares for $20 million.
Following the announcement, Eightco’s stock rocketed from $1.45 to $45.08, peaking above $80 intraday before cooling slightly. After-hours trading saw shares dip nearly 6% to $42.40.
New Nasdaq Identity: ORBS
Eightco said it will also change its ticker symbol to “ORBS” this Thursday, referencing the iris-scanning devices central to the Worldcoin project, founded by OpenAI CEO Sam Altman.
“If we succeed on our mission, World might become the largest network of real people online, fundamentally changing how we interact and transact throughout the Internet,” Altman said in a statement.
The share sale is expected to attract participation from World Foundation, Kraken, and FalconX, adding further legitimacy to Eightco’s pivot.
Dan Ives Appointed Chairman
Eightco named Dan Ives, head of tech research at Wedbush Securities, as its new chairman. Ives, known for bullish calls on technology and AI, called the move a “next step in the AI revolution around authentication and Proof of Human.”
He added: “The future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution.”
Worldcoin (WLD) responded with a 49.2% jump in 24 hours, climbing to $1.54. The token is up 80.5% in the past week, rebounding sharply from its April low of $0.58. Despite the rally, it remains down about 87% from its March 2024 peak of $11.74.
Market Implications
The announcement places Eightco among a growing list of companies pivoting into crypto treasury strategies. While reserves of Bitcoin and Ether have become increasingly common, a direct bet on Worldcoin represents a bold, high-risk play given regulatory pushback on the project’s biometric data collection.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.