The cryptocurrency landscape is witnessing a significant transformation in 2025, with a notable shift towards what is termed the crypto treasury strategy. This strategy has attracted the attention of established Wall Street analysts stepping into prominent roles within companies that are rapidly amassing large reserves of digital tokens.
Dan Ives, a senior equity research analyst at Wedbush Securities known for his insights on technology stocks, is the latest to embrace the crypto wave. Recently announced as the chairman of the board for Eightco Holdings, Ives’s involvement is seen as a pivotal move for the Nasdaq-listed firm, which is positioning itself as a holding company primarily for Worldcoin, a cryptocurrency developed by the organization founded by Sam Altman. Eightco plans to conduct an initial investment of $250 million in Worldcoin and may also acquire Ethereum as part of its broader crypto strategy.
The market reacted enthusiastically to Ives’s new role and Eightco’s ambitious initiative, with the company’s shares skyrocketing by an astonishing 5,600% to reach an intraday peak of $82.98, compared to a close of $1.45 just the previous Friday. This surge was driven by the news of a forthcoming private placement and an imminent rebranding of its ticker symbol to ORBS.
Eightco’s strategy focuses heavily on cryptocurrency, although the firm retains stakes in other companies like Forever 8 and Ferguson Containers. Ives’s entry into the crypto sector aligns with a broader trend of Wall Street personalities delving into digital currencies. Earlier in the year, Tom Lee, the founder of Fundstrat, joined the board of BitMine Immersion Technologies, which primarily holds Ethereum. BitMine has invested $20 million into Eightco as part of this growing interest.
The concept of crypto treasury companies has surged in popularity, particularly following the success story of Strategy, crafted by Bitcoin advocate Michael Saylor. This firm, which reportedly owns nearly 3% of Bitcoin in circulation, has effectively utilized its public company status to raise capital through debt and equity, which is then reinvested into Bitcoin holdings. Since integrating Bitcoin into its balance sheet in 2022, the firm’s stock has risen more than 2,000%.
Various companies, including GameStop and Trump Media, have incorporated cryptocurrency into their business models, highlighting a shift beyond Bitcoin. Ethereum has emerged as a favored treasury asset, and the involvement of Ives in Eightco points to an expanding interest in even less mainstream tokens.
However, some industry experts caution that the market for crypto treasury companies may be nearing its saturation point. Bitcoin bull Mike Novogratz expressed skepticism in August, suggesting that opportunities may be dwindling.
Worldcoin, the focus of Eightco’s investment, was created by Sam Altman in 2019, emphasizing human verification through biometric methods such as iris scans. This approach aims to provide users with a digital identity linked to their cryptocurrency holdings. Both Altman and Ives believe that as artificial intelligence evolves, the significance of human authentication will rise. Ives, in a recent interview, underscored his enthusiasm for the intersection of AI and identity verification, envisioning World as a potential standard in this burgeoning landscape.
