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Author: Bao Yilong, Wall Street News
Following Wall Street strategist Tom Lee, another heavyweight in the financial industry is rewriting the rules of the game for cryptocurrency investment.
On Monday, packaging company Eightco announced that Dan Ives, a well-known technology analyst at Wedbush Securities, will take over as chairman.At the same time announcedThe company will issue 185 million new shares through private placement, raising approximately US$270 million in funds specifically for the purchase of cryptocurrency Worldcoin.
Eightco also plans to change its Nasdaq trading code to “ORBS” to echo the world coin project’s iconic spherical iris scanner.Ives said in a company press release:
I am very excited to be chairman of Eightco, which marks an important step in the AI revolution around identity verification and human identity verification.
Ives’ “coin hoarding” strategy clearly draws on the successful experience of Wall Street strategist Tom Lee.Tom Lee is currently the chairman of BitMine. Bitmine not only uses the cash flow generated by its industrial-grade cryptocurrency mining and custody businesses, but also actively uses financial tools such as Ethereum options to deepen its Ethereum treasury.
Previously reported that the World Coin Project was founded by OpenAI CEO Sam Altman, a digital currency that attempts to redefine “human identity” in the AI era with iris scans and blockchain identity systems.
A series of news stimulated Eightco’s stock price to soar nearly 5,000% during Monday’s session, once pushing its market value to $210 million.According to Bloomberg data, its stock trading volume was about 54,000 times the 20-day average.
At the same time, the world currency also showed a big upward trend, rising by more than 45% in a single day to US$1.51, which is still a lot of gap compared to its historical high of US$11.81.
Huge financing supports crypto asset strategy
Eightco, headquartered in Pennsylvania, mainly sells customized packaging products, and also has a business unit focused on e-commerce inventory management.
In order to achieve strategic transformation, Eightco has signed an agreement to raise huge funds through private placement.
According to the announcement, the company sold about 171 million common shares at $1.46 per share, with an estimated total financing of approximately $250 million.
In addition, Bitcoin mining company BitMine Immersion Technology Company subscribed 13.698 million shares at the same price, providing Eightco with another $20 million in funds.
Eightco made it clear that the net proceeds from the issuance will be used to purchase WLD tokens for its treasury operations.Worldcoin will become the company’s main treasury reserve asset, while cash and Ethereum will serve as secondary reserves.
The financing transaction was led by MOZAYYX, an investor focusing on the cryptocurrency field, with many well-known institutions participating, including World Foundation, Discovery Capital Management, Kraken, Pantera and Brevan Howard.
It is worth noting that Cantor Fitzgerald, a brokerage firm allegedly controlled by the family of U.S. Commerce Secretary Lutnik, served as financial advisor to MOZAYYX in the transaction.
Appoint famous Wall Street speakers to follow MicroStrategy model
Eightco’s new strategy has brought it to a ranks of so-called “cryptocurrency treasury companies” that try to mimic the success path of software maker MicroStrategy.
MicroStrategy has soared to nearly $10 billion in its implied market value through financing for equity and debt markets over the past few years.
andEightco’s new strategy announced, data showed that Eightco’s market value was only $4.4 million last Friday, and by the close of Monday, the company’s implied market value had soared to $8.5 billion..
Ives said:
The future of artificial intelligence requires Worldcoin to play a leading role in this fourth industrial revolution powered by artificial intelligence.When artificial intelligence brings us unlimited abundance, Worldcoin provides us with unlimited trust and certification.
Ives will reportedly continue to retain its position as an analyst at Wedbush.Ives said:
My chairmanship is an additional role outside the position of Wedbush Tech Research Leadership, and I expect to continue working at Wedbush for many years.
The highly anticipated Worldcoin
Worldcoin is a digital identity project co-founded by Sam Altman and Alex Blania to provide a critical “Proof of Human” solution to a world increasingly powered by artificial intelligence.
The project develops unique spherical iris scanning hardware (Orb), where users participate in Worldcoin transactions by scanning the iris to verify their unique human identity.The project was launched in the United States last July.
According to reports, Worldcoin uses zero-knowledge proof technology to confirm that it is a real and unique human without storing user biological information on the blockchain.
Founder Sam Altman said:
If our mission is successful, Worldcoin could become the largest live network online, fundamentally changing how we interact and trade across the entire Internet.
Currently, the project has created nearly 16 million zero-knowledge human proof accounts in more than 45 countries.
