Eightco stock rockets 1,000% pre-market as BitMine backs first Worldcoin treasury

Key Takeaways

• Eightco Holdings' stock jumped over 1,000% after securing a $250 million private placement and a $20 million investment from BitMine.
• Eightco will adopt Worldcoin as its primary treasury reserve asset, supported by significant investments from major industry players.

Shares of Eightco Holdings (NASDAQ: OCTO) exploded 1,000% pre-market on Monday after the firm unveiled a $250 million private placement and a $20 million investment from BitMine to support the world’s first Worldcoin treasury reserve, according to Yahoo Finance.

The e-commerce infrastructure company said the private placement included approximately 171 million shares priced at $1.46 each, with another 13.7 million shares issued to BitMine at the same price.

The deal, led by MOZAYYX, is expected to close around September 11, subject to Nasdaq approval.

Thomas “Tom” Lee, who chairs BitMine, described World as a project that fits within BitMine’s broader mission to support Ethereum-native initiatives. He highlighted the platform’s Proof of Human feature as a potentially essential layer of trust for tech platforms interacting with billions of users.

Eightco plans to adopt Worldcoin as its primary treasury reserve asset, with cash and Ethereum serving as secondary reserves. The company will also change its Nasdaq ticker to “ORBS” to reflect its new strategic direction.