Eightco Holdings Stock Surges 3008.97% on Cryptocurrency Treasury Plans

On Monday, the U.S. stock market experienced a remarkable surge in the shares of Eightco Holdings, an e-commerce management platform. The company's stock price soared by 3008.97% by the end of the trading day, with intraday gains reaching an astonishing 5632%. This dramatic performance was driven by a series of strategic moves involving a prominent Wall Street technology analyst, the Web3 community, and a venture backed by the CEO of OpenAI.

The company announced that a renowned technology analyst and global head of technology research at a major securities firm had been appointed as the company's new chairman. This analyst, known for frequently appearing in global financial media and advocating for technology stocks, had recently launched an AI-themed ETF and predicted a bull market for technology stocks over the next two to three years.

In addition to this leadership change, Eightco Holdings revealed plans to enter the "cryptocurrency treasury stock" category. The company intends to accumulate Worldcoin (WLD), a blockchain-native token used by World, a biometric identity verification startup founded by the CEO of OpenAI. To fund this cryptocurrency acquisition, Eightco agreed to sell 170 million shares at $1.46 per share through private placement, aiming to raise $250 million. Furthermore, the world's largest Ethereum treasury agreed to purchase an additional 13.69 million shares at the same price, investing $20 million.

Eightco also hinted at the possibility of acquiring Ethereum as a secondary reserve in the future. Notably, the individual who became the chairman of the world's largest Ethereum treasury in late June and spearheaded its cryptocurrency reserve strategy is a prominent figure on Wall Street. This individual had previously served as the chief equity strategist at a major investment bank and later founded a research firm. They were among the first Wall Street analysts to advocate for Bitcoin, predicting its value would reach tens of thousands of dollars within a few years.

Since this individual's appointment, the world's largest Ethereum treasury's stock price has risen from $4.26 to a peak of $161, although it closed at $43.79 on Monday. Apart from the world's largest Ethereum treasury, the World Foundation, co-founded by the CEO of OpenAI, also participated in this funding round. The World Foundation manages Worldcoin and uses orbital iris scanners for identity verification. Worldcoin encourages users to scan their irises with a device called an "orb" to receive a digital identity and free cryptocurrency, a practice that has raised concerns about data collection and privacy.

Eightco expects the offering to be completed by September 11, after which the company's trading symbol will change to "ORBS." The newly appointed chairman expressed enthusiasm for the AI revolution and the future of technology, viewing World as a standard for identity verification and confirmation in the AI world. The chairman emphasized that this initiative would not be a typical token strategy but a forward-looking plan.

This event marks another instance of a small-cap stock experiencing a significant surge after pivoting to become a cryptocurrency treasury. On the same day, another company announced plans to establish a Solana treasury, leading to a 95% intraday gain, although the final increase was 58%.