Eightco Holdings Inc (NASDAQ:OCTO) saw its shares skyrocket after announcing a $250 million private placement to adopt Worldcoin as its primary treasury reserve asset, alongside a $20 million strategic investment from BitMine Immersion Technologies.
Shares of Eightco surged over 8,000% to above $80 at one points on Monday, before closing at $45.08, up 3,009% on the day.
The private placement involves approximately 171.2 million shares at $1.46 each, with an additional 13.7 million shares issued to BitMine at the same price.
Proceeds from the offering will allow Eightco to acquire Worldcoin tokens, leveraging the cryptocurrency’s zero-knowledge Proof of Human (PoH) technology, which currently has nearly 16 million accounts across 45 countries.
Worldcoin, co-founded by OpenAI's Sam Altman and Alex Blania, uses proprietary iris-scanning Orb technology to verify unique humans without storing personal information on the blockchain.
“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 in a statement.
Eightco also appointed tech analyst Dan Ives as chairman of the board.
“The future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution. World is the internet of people. While AI gives us infinite abundance, World gives us infinite trust and authentication,” Ives said.
The fundraising was led by MOZAYYX and included participation from a host of institutional investors, including World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric, and Brevan Howard.
Eightco expects the offering to close on or about September 11, 2025, subject to Nasdaq approval.
At that time, the company plans to change its ticker symbol from “OCTO” to “ORBS” to reflect its focus on Worldcoin’s technology.