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Shares of Eightco Holdings, a relatively unknown company that runs an inventory-management platform among other things, increased by more than 4,000% on Monday after it announced a $250 million private placement to adopt a buying strategy to purchase Worldcoin.
It is the latest small publicly traded company to pivot to a digital-asset treasury in the hopes that the value of the tokens increases over time. Here’s what to know about the news.
Worldcoin is the native crypto token for the World blockchain, launched by OpenAI’s Sam Altman. Eightco also announced Dan Ives, an analyst who previously worked at Wedbush Securities, as its new chairman.
Eightco’s offering, per its release, is expected to close by the end of the week. It also announced plans to change its ticker from “OCTO” to “ORBS.” The change is pending approval by the Nasdaq exchange, where shares of Eightco are traded.
The news sent Eightco’s stock price skyrocketing. After closing at $1.45 a share on Friday, the stock peaked at $83.23 in midday trading on Monday.
As of roughly 1:30 pm ET, shares were trading for around $64, about a 4,334% increase.
The Florida-based company was spun off from Vinco Ventures in 2022 and was previously called Cryptyde.
According to its most recent annual financial filing with the Securities and Exchange Commission (SEC), Eightco initially comprised three core business units: Web3, Bitcoin mining hardware, and corrugated packaging.
In 2022, it acquired Forever 8, which offers funding for e-commerce businesses that sell on Amazon and other platforms.
Digital asset treasuries have become increasingly common this year, although the extent to which they will pay off remains as speculative as the broader crypto market. Notably, Trump Media, parent company of the president’s Truth Social platform, announced plans in May to build a vast Bitcoin reserve with $2.5 billion from institutional investors.
In addition to its Worldcoin treasury strategy, Eightco Holdings also announced on Monday a $20 million strategic investment from BitMine Immersion.
