Eightco (OCTO) Skyrockets on Worldcoin Treasury News
Eightco Stock Jumps on Worldcoin Treasury Plan
Shares of Eightco Holdings (NASDAQ: OCTO) experienced a massive surge, jumping 1,000% in pre-market trading on Monday. This spike followed the announcement of a $250 million private placement and a $20 million investment from BitMine, aimed at establishing the first Worldcoin treasury reserve.
The e-commerce infrastructure company stated that the private placement encompasses roughly 171 million shares, priced at $1.46 each. Additionally, 13.7 million shares were issued to BitMine at the same price.
The deal, spearheaded by MOZAYYX, is anticipated to finalize around September 11, pending Nasdaq approval.
BitMine's Investment in Worldcoin
Thomas “Tom” Lee, Chairman of BitMine, views Worldcoin as aligning with BitMine’s objective to bolster Ethereum-native projects. He emphasized the importance of Worldcoin’s Proof of Personhood as a fundamental trust layer for tech platforms interacting with billions of users.
Strategic Shift for Eightco
Eightco intends to prioritize Worldcoin as its primary treasury reserve asset, supported by cash and Ethereum as secondary reserves. To reflect this strategic realignment, the company plans to change its Nasdaq ticker to “ORBS”.
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