Shares on an e-commerce inventory management platform rocked more than 3,000% a day after announcing plans to buy and handle WorldCoin, the cryptocurrency behind Sam Altman’s eye-scan digital project.
Eightco holdings Says On Monday it was looking at a shares of shares that target a gross income of nearly $ 250 million to “implement the first-of-its-kind Worldcoin Treasury approach.” The sale consists of a private placement of 171.23 million standard shares for $ 1.46 each.
It added Bitmine immersion technologies, which has Largest ether (Eth) Handles to public companies, and buy 13.7 million standard shares for $ 20 million.
Eightco is the latest in a series of non-crypto companies that started stockpiling cryptocurrencies. The trend has caused some concerns about health of such companies as the market will get more tight.
Eightco shares near the trade of 3,000%
Shares to the Eightco Holdings (Octo) closed the trade on Monday to nearly 3,009% to $ 45.08, cooling from an intraday high over $ 80 but rising from $ 1.45 near this Friday.
The stock rally cooled slightly after time, lowering about 6% to $ 42.40.
Eightco said the $ 250 million offer is expected to happen on Thursday with participation from the World Foundation, Kraken and Falconx, among others.
This will use funds to buy WorldCoin (Wld) as a “mainly owner of the Treasury reserve, as it continues to focus on major business operations.” It can also buy ether (Eth) as a second property.
It added that it plans to change its ticker symbol in Nasdaq to “Orbs” that same day, which defines the eyeball-scan devices used by the WorldCoin Issuer World Network.
Altman, the co-founder and CEO of Openai, has established the project to prove people online, giving them WorldCoin and accessing an ecosystem of company partners in exchange for scanning their eyes.
The project has Ire was caught of regulators for violation of privacy laws And it saw prevented operationssuspended and clearly banned in some countries.
“If we succeed in our mission, the world can be the largest network of real people online, starting to change how we interact and transact throughout the Internet,” Altman said in a statement.
Eight names of Dan Ives as chairman
Eightco said Dan Ives, the head of tech research on the brokerage wedbush securities, will join the board chairman.
Ives is known for his high-profile takes the tech industry, claiming in December that the tech sector has been in a bull market for up to three years. He also launched a fund that exchanged exchange earlier this year by monitoring companies in artificial intelligence space.
Related: Ark Invest bought $ 4.4m in Bitmine’s stock as Treasury crosses 2M ETH
Ives said his appointment marks “The next step in the AI revolution around human verification and proof.”
“The future of AI requires the world to lead the way to this fourth industrial revolution,” he added.
Got the world with eight Treasury Pivot
Meanwhile, Worldcoin gained 49.2% in the past 24 hours in the Eightco Treasury plan.
The token traded at $ 1.54 and enjoyed a rally of 80.5% over the past seven days.
Earlier this year, on April 7, Worldcoin sank at a time low at about 58 cents, but made a return next to the crypto market. However, it was about 87% from the peak of $ 11.74 in early March 2024.
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