Eightco’s Giant Rise: Shares Soar 3,000% After Plan to Buy Worldcoin

Eightco’s Giant Rise: Shares Soar 3,000% After Plan to Buy Worldcoin

Eightco Holdings saw its shares surge more than 3,000% after announcing plans to buy and hold Worldcoin, a cryptocurrency project founded by Sam Altman, best known as the co-founder of OpenAI. The move is aimed at creating the first treasury strategy for Worldcoin and attracting around $250 million in investment.

Eightco plans to sell 171 million shares at $1.46 each, raising around $250 million in gross proceeds. The proceeds will be used to buy Worldcoin (WLD), a key reserve asset in its strategy.

The market reaction was extraordinary. Eightco (OCTO) shares closed up 3,009% to $45.08, despite hitting a high of over $80 during the day. They fell slightly to $42.40 after the session. The jump came after the company announced its treasury issue and plans to change its Nasdaq ticker symbol to "ORBS," a reference to the eyeball-scanning device used in the Worldcoin project.

The Worldcoin project, founded by Altman, aims to provide digital identity through eyeball scanning. While it has ambitious goals, it has also faced criticism and regulatory challenges, with its operations being restricted or banned in some countries.

Eightco also said it expects its offering to take place on Thursday with participation from the World Foundation, Kraken and FalconX. It also plans to use Worldcoin as a primary reserve asset, and possibly buy Ether as a secondary asset.

Dan Ives, known for his views on the technology industry and his investments in AI, has become the company's new chairman. Ives believes Worldcoin could be a key player in the digital revolution driven by artificial intelligence.

Worldcoin (WLD) has gained 49.2% in the past 24 hours, currently trading at $1.54. Although it hit an all-time low of $0.58 in April of this year, it has since rebounded significantly, gaining more than 80% in the past week. Despite the rebound, it is still 87% below its March 2024 high.

The move by companies to start holding cryptocurrencies in bulk suggests a growing interest in digital assets even in traditional business environments – while also raising questions about the health of the market and regulations.

*This is not investment advice.

The Coingarage Team