Shares of Eightco Holdings witnessed an extraordinary surge of over 3,800% during a volatile trading session on Monday, reaching a price of $38.10. This dramatic increase comes from a relatively modest closing price of $1.45 on Friday, marking the stock’s most significant single-day gain on record. The trading volume exceeded 145 million shares, drastically outpacing the average of 4.94 million shares over the past 30 days.
The recent uptick in the crypto sector can be attributed to a favorable regulatory environment in the United States, particularly under the previous Trump administration. This climate has encouraged smaller public companies to integrate cryptocurrencies into their portfolios, following the example set by Michael Saylor, the foremost corporate investor in bitcoin.
To fund its ambitious plans to acquire worldcoin cryptocurrency, Eightco is conducting a private placement, selling over 171,000 shares at $1.46 each. The company aims to raise approximately $250 million through this initiative. Adding to the momentum, Peter Thiel-backed BitMine will invest $20 million in this venture, paralleling its own treasury-style approach aimed at accumulating ether.
Worldcoin, co-founded by OpenAI CEO Sam Altman in 2019, seeks to establish a global identity verification system. The initiative involves soliciting iris scans from individuals in exchange for complimentary cryptocurrency and a digital identification, rendering its value quite significant. According to CoinGecko, the total valuation of worldcoin tokens stands at approximately $2.7 billion.
In further developments, Daniel Ives, a senior equity analyst at Wedbush Securities, will take on the role of board chairman at Eightco. The company plans to proceed with its offering around September 11 and will transition its ticker symbol to “ORBS” on the Nasdaq exchange.
As of its last close, Eightco reported more than 3 million shares outstanding and a total market capitalization of $4.4 million. During morning trading, the stock saw a remarkable increase, rising over 2,500% to $37.10.
