On a day that sent shockwaves through the stock market, Eightco Holdings, trading under the ticker symbol OCTO, saw its shares skyrocket by over 3,800%. This remarkable surge occurred on a particularly volatile Monday, following the fintech company’s announcement of its intentions to accumulate Worldcoin cryptocurrency through a fundraising initiative in collaboration with Peter Thiel’s BitMine.
The stock reached a staggering price of $38.10, compared to its previous close of just $1.45, marking its largest single-day increase on record. An astonishing 145 million shares changed hands, dwarfing the typical 30-day trading average of 4.94 million shares. This spike illustrates the fervor surrounding cryptocurrency investments, particularly among smaller public companies seeking to diversify and strengthen their portfolios.
The surging crypto market in the U.S. has been partly fueled by favorable regulatory conditions established during the Trump administration. In this climate, many small public companies are strategically adding cryptocurrencies to their asset bases, echoing the successful approach of corporate leaders like Michael Saylor, who has positioned his company as the largest holder of Bitcoin.
Eightco is set to offer more than 171,000 shares in a private placement, priced at $1.46 each, with the goal of raising around $250 million. This considerable capital raise is aimed at facilitating their purchase of Worldcoin, which promises to be a game-changer in the realm of digital currencies.
In a significant move, BitMine, the company co-founded by Thiel, plans to invest $20 million as part of this fundraising effort. Known for adopting a treasury-style approach towards holding cryptocurrencies, BitMine’s commitment bolsters Eightco’s financial strategy and enhances confidence in its future endeavors.
Worldcoin, co-founded in 2019 by OpenAI CEO Sam Altman, aims to revolutionize identity verification globally by offering individuals cryptocurrency and digital IDs in exchange for their iris scans. This innovative concept has gathered significant interest, with the total value of Worldcoin tokens recently reported to be around $2.7 billion, according to data from CoinGecko.
In addition to these bold moves, Daniel Ives, a senior equity analyst at Wedbush Securities, is stepping into the role of board chairman at Eightco. His appointment is expected to bring strategic insight and an analytic perspective that could guide the company’s future in the crypto landscape.
The offering is projected to take place around September 11, coinciding with Eightco’s plans to change its ticker symbol to “ORBS” on the Nasdaq—a move that reflects the company’s shift in focus toward cryptocurrency and digital assets.
As of the last market close, Eightco boasted over 3 million shares outstanding, with a modest market capitalization of $4.4 million, according to LSEG data. In early trading, shares were already up more than 2,500%, reaching a price of $37.10, showcasing the intense market interest in the company’s future.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)
