#What caused the significant stock increase for Eightco Holdings?
Eightco Holdings recently saw its stock escalate by an impressive 1,000% in pre-market trading. This remarkable increase followed the announcement of a $250 million private placement alongside a $20 million investment from BitMine, both aimed at establishing the first-ever Worldcoin treasury reserve.
In detail, the company indicated that the private placement would encompass approximately 171 million shares, each priced at $1.46. Additionally, BitMine will acquire 13.7 million shares at the same price. The transaction, spearheaded by MOZAYYX, is anticipated to finalize around September 11, contingent upon Nasdaq’s approval.
#How will Worldcoin influence Eightco’s future?
The strategic shift involves Eightco adopting Worldcoin as its principal treasury reserve asset. The firm will also maintain cash and Ethereum as secondary reserves. This decision reflects a broader industry shift towards cryptocurrency assets, enhancing Eightco’s financial backbone and market presence.
Thomas Lee, the chairman of BitMine, expressed that Worldcoin aligns well with BitMine's objective to bolster Ethereum-native projects. He emphasized that the unique Proof of Human feature could serve as an essential trust layer for technology platforms engaging with a vast number of users.
Furthermore, to reinforce this new strategic approach, Eightco will rename its Nasdaq ticker to “ORBS,” signaling a commitment to evolving with the cryptocurrency landscape. Investors should keep a close watch on how these developments may shape the company's trajectory and market performance in the months to come.