In a notable shift within the tech and cryptocurrency sectors, Daniel Ives, previously the global head of technology research at Wedbush Securities, has joined Eightco Holdings as chairman of the board. Eightco Holdings, a smaller company currently trading on the Nasdaq under the ticker “OCTO,” has announced a strategic initiative focusing on the accumulation of Worldcoin (WLD), the native token of a blockchain developed by Sam Altman’s biometric identity verification startup, World.
The announcement, made on Monday, includes details of a $250 million private placement aimed at implementing a robust buying strategy surrounding Worldcoin as the central asset of its treasury. Ives expressed his enthusiasm for this initiative, highlighting the significance of World as a potential standard for authentication and identification within the emerging landscape of artificial intelligence. “As someone that’s so passionate about the AI revolution and the future of tech, I view World as really the de facto standard for authentication and identification in the future world of AI,” he stated in an interview with CNBC. He emphasized that his involvement goes beyond a typical token acquisition strategy.
The private placement is projected to conclude around September 11, at which point Eightco plans to change its stock ticker to “ORBS.” This move aligns with a broader trend among public companies leaning into crypto accumulation strategies. The evolving regulatory environment has encouraged more firms to take a cue from MicroStrategy’s approach, utilizing debt financing and equity sales to bolster their balance sheets with cryptocurrency investments aimed at enhancing shareholder returns.
Ives’ transition is reminiscent of Tom Lee’s recent decision to join BitMine Immersion Technologies as chairman, where Lee’s presence has led to a substantial increase in the company’s stock value. BitMine’s commitment to accumulating Ethereum has resonated positively given the current market conditions.
Ives, known for his bold investment forecasts, also manages the Dan Ives Wedbush AI Revolution ETF (IVES), launched earlier this summer. He projects a bullish outlook for tech over the next two to three years. As crypto treasury strategies diversify, more companies are exploring beyond Bitcoin into high-potential altcoins, aiming for significant gains. This trend parallels initiatives from firms like DeFi Development Corp and CEA Industries, which have similarly ventured into accumulating Solana and Binance Coin, respectively.
Worldcoin aims to address growing concerns over digital identity amidst the rapid advancements in AI technology. As deepfake technology rises, the need for verifying human identities becomes increasingly critical for the integrity of AI infrastructure. Ives elaborated on this necessity, stating, “As the AI infrastructure and [large language models] are built out without true identification and proof of human, it’s a limiting factor in the growth of AI for the coming years.”
His perspective resonates with sentiments previously expressed by BlackRock CEO Larry Fink, who has emphasized the importance of identity verification in developing tokenized funds on blockchain networks. Currently, Worldcoin, which launched in 2023, boasts a market capitalization of approximately $1 billion, positioning itself within a competitive landscape dominated by Bitcoin and Ethereum.
As companies like Eightco Holdings embark on this unprecedented crypto journey, the evolution and adoption of digital identity verification systems are poised to play a crucial role in the future of both technology and finance.
