Eightco to Adopt Worldcoin as its Main Treasury Asset, Raising $270 Million

Eightco raised $250 million in a private placement of approximately 171 million shares at $1.46 per share, plus an additional $20 million strategic investment from BitMine Immersion Technologies, the company said in a statement. 

Stock, coin soar

The immediate market reaction was striking, showing clear demand. Eightco’s stock price surged 3,000% from $1.45 at market close on Friday to as high as $83.12 on Monday, and was trading up in Tuesday’s pre-market activity. WLD also rose, climbing more than 50% to $1.53 on Monday and posting further double-digit percentage gains the following day.

The deal funding the company’s Worldcoin purchases is expected to close later this week, pending Nasdaq regulatory approval. Eightco also plans to change its stock ticker from OCTO to “ORBS.”

Investor backing

Eightco said the move makes Worldcoin its primary treasury asset, with cash and Ether (ETH) remaining secondary reserves. Institutional investors backing the deal include World Foundation, Discovery Capital Management, GAMA, Kraken, Pantera, GSR, Coinfund and Brevan Howard.

Worldcoin is a cryptocurrency issued by World Network, a company co-founded by OpenAI CEO Sam Altman, that uses iris-scanning identification technology. The company says its Proof of Human credential will be essential in a future dominated by AI bots, offering trust and authentication without storing personal biometric data. 

Sam Altman’s mission

"If we succeed on our mission, World might become the largest network of real people online, fundamentally changing how we interact and transact throughout the Internet,” Altman said.

Still, the project faces pushback. Regulators in Portugal, China, Spain and Hong Kong have scrutinized or temporarily banned its biometric approach.