By Kelly Cloonan
Shares of Eightco Holdings soared after the company appointed Wedbush Securities analyst Dan Ives to head its board and announced a cryptocurrency treasury strategy.
The stock increased by about 48-fold, to $69.54, on Monday. Shares have risen by about 31 times this year.
The company said Monday that Ives, an analyst focused on technology and artificial intelligence, has been appointed chairman of its board.
Eightco also said it will sell about 171.2 million shares of its common stock at $1.46 apiece in a private placement. The company expects the offering to close on Sept. 11 and result in aggregate gross proceeds of about $250 million.
The company plans to use the proceeds from the offering to acquire Worldcoin for its new treasury strategy. Worldcoin is the token of the blockchain used in Open AI founder Sam Altman's identity verification company World.
"The future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution," Ives said. "World is the internet of people. While AI gives us infinite abundance, World gives us infinite trust and authentication."
Eightco intends to change the Nasdaq trading symbol of its common stock to ORBS with the closing of the offering. The company also issued 13.7 shares of its common stock to BitMine at $1.46 per share for total proceeds of $20 million, it said.
The transaction was led by MOZAYYX with participation from institutional investors.
Eightco Holdings owns Forever 8, an inventory-management platform for e-commerce sellers, and Ferguson Containers, a provider of manufacturing and logistical solutions for product and packaging needs.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
September 08, 2025 12:46 ET (16:46 GMT)
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