Eightco Holdings Inc. has successfully completed a significant $270 million private placement aimed at implementing an innovative treasury strategy focused on Worldcoin (WLD). The substantial financing round was spearheaded by MOZAYYX and attracted a number of prestigious institutional investors, including Kraken, Pantera, GSR, and Brevan Howard, among others. Notably, BitMine Immersion contributed an additional $20 million to this initiative.
The funds raised from this private placement will primarily be utilized to acquire and hold Worldcoin as a reserve asset, positioning Ethereum and cash as secondary reserves in the company’s treasury. This strategy reflects Eightco’s intention to integrate Worldcoin into its balance sheet while continuing its core business operations seamlessly. Dan Ives, who has taken on the role of Chairman of the Board, expressed enthusiasm about the strong interest in both OCTO and Worldcoin since the announcement of the funding. He emphasized the importance of this strategy in an evolving economic landscape.
In a concurrent development, Eightco updated its Nasdaq ticker from OCTO to “ORBS,” effective September 11, signaling a new chapter for the company. They assured stakeholders that no additional corporate actions would affect the rights of existing shareholders.
Worldcoin, co-founded by Sam Altman, is designed to provide a digital identity system based on a concept called “Proof of Human.” This system employs iris-scanning Orb devices for the verification of unique individuals, facilitating token distribution in a manner that ensures authenticity. Ives linked the implementation of this strategy to the ongoing artificial intelligence revolution, stating, “Proof of Human is the next critical step in the AI revolution.” He underscored that Worldcoin is uniquely positioned to deliver essential trust and verification in a world where AI continues to permeate various sectors.
Eightco further reaffirmed its commitment to community engagement through the World Foundation as part of its long-term approach to this treasury initiative. The embedding of biometric-linked assets into corporate treasuries presents new regulatory and classification challenges, diverging from traditional practices that typically focus on Bitcoin and Ethereum. This innovative move could reshape corporate interaction with public blockchain infrastructure while also raising important questions regarding compliance, custody, and overall accountability.
As institutions begin exploring the integration of biometric-linked tokens into their treasuries, there may be a hesitancy among firms to adopt these assets until clearer regulatory guidance on their classification under accounting frameworks becomes available. However, if market conditions, including liquidity, custody solutions, and reporting standards, develop accordingly, there is potential for an increase in the adoption of non-Bitcoin assets within public company reserves.
Investors may perceive the decision to hold an emerging identity token as a high-risk venture, especially in light of the shifting landscape around AI and privacy regulations. As Eightco embarks on this ambitious strategy, the reactions of shareholders and the broader market will be pivotal in shaping future corporate treasury practices.
