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

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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 firm will rebrand its ticker to “ORBS”, aligning with Worldcoin’s iris-scanning Orb gadgets.
  • Eightco joins a wave of corporations coming into crypto treasuries, following the trail of MicroStrategy and BitMine.

The little-known e-commerce stock platform revealed plans to lift $250 million via a non-public placement of 171.23 million widespread shares at $1.46 every, aiming to construct a considerable place within the Sam Altman-backed crypto venture.

The providing is predicted to shut on Thursday, with strategic individuals together with the World Foundation, 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 close, a achieve of three,009%, after briefly hitting an intraday high above $80.

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

The firm mentioned it might additionally accumulate Ethereum (ETH) as a secondary asset, however its major focus can be on Worldcoin, the controversial iris-scan-based cryptocurrency venture run by World Network, previously often known as Tools for Humanity.

Eightco additionally introduced plans to rebrand its ticker to “ORBS” to mirror its alignment with Worldcoin’s eye-scanning Orb gadgets, that are used to concern 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 id on-line utilizing biometric knowledge. In return, customers obtain WLD tokens and entry to a rising ecosystem of providers.

While the venture has gained traction, it’s additionally confronted heavy scrutiny from regulators and privateness watchdogs, leading to restrictions and bans in a number of nations.

“If we succeed on our mission, World would possibly change into the most important community of actual individuals on-line,” Altman mentioned in an announcement.

Eightco’s transfer locations it within the rising membership of public firms diversifying into crypto treasuries, following the playbook popularized by corporations like MicroStrategy and BitMine Immersion Technologies, 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.

Known for his bullish views on AI and disruptive applied sciences, Ives referred to as the transfer “the following step within the AI revolution round authentication and Proof of Human.”

Meanwhile, Worldcoin has surged 49.2% up to now 24 hours, buying and selling at $1.54, with a seven-day achieve of over 80%. Despite the rally, the token stays down practically 87% from its all-time high of $11.74 in March 2024.

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

However, mounting regulatory stress and uncertainty proceed to weigh on the venture, prompting a rebrand to World Network and the rollout of latest id instruments like NFC passport verification, aimed toward privacy-friendly onboarding.

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

The publish Eightco Shares Soar 3,000% on $250 Million Worldcoin Treasury Plan appeared first on Cryptonews.

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