Shares of Eightco Holdings experienced a significant surge on Monday, climbing as much as 5632 per cent, following the announcement of a planned offering of up to $US250 million ($380 million) in Worldcoin treasury. The e-commerce company also announced the appointment of Wall Street analyst Dan Ives as chairman of its board. Eightco focuses on leveraging technology and data to drive performance marketing and e-commerce solutions for brands. The company helps businesses acquire and retain customers through targeted digital campaigns and innovative e-commerce strategies.
According to a statement, Eightco has agreed to sell approximately 171.2 million shares at a price of $US1.46 each in a private placement to fund the acquisition of Worldcoin. In addition to Worldcoin, Eightco may also consider adding Ether as a secondary reserve asset. This move positions the company alongside a growing number of smaller public entities that are shifting their focus toward acquiring and holding cryptocurrencies, which has triggered substantial fluctuations in their stock valuations.
Greg Taylor, chief investment officer at PenderFund Capital Management, commented on the trend, stating, “This is just the latest sign of excess risk taking in the market.” Other companies have experienced similar surges recently. Forward Industries Inc. saw its shares climb as much as 95 per cent on Monday following plans for a Solana treasury. Earlier in the summer, ETHZilla and Sonnet BioTherapeutics Holdings both experienced share increases exceeding 200 per cent upon announcing their own digital asset treasury strategies.
Prior to unveiling its digital asset treasury strategy, Eightco had a market capitalisation of $US4.4 million. Bloomberg data now indicates that the company’s value has risen to over $US190 million, illustrating the dramatic impact of the company’s new direction. The move reflects a broader trend among smaller public companies exploring digital assets, but also hints at the potential volatility associated with such strategies.
