Eightco Holdings (OCTO.O) shares exploded on Monday, surging more than 3,800% after the fintech firm announced plans to raise capital and buy large amounts of Worldcoin, the cryptocurrency co-founded by OpenAI CEO Sam Altman.
The stock skyrocketed to $38.10 from Friday’s close of $1.45, marking the company’s biggest one-day gain on record. Trading volume exceeded 145 million shares, far above its 30-day average of under 5 million.
Eightco said it will raise about $250 million through a private placement of 171,000 shares at $1.46 each, with proceeds dedicated to acquiring Worldcoin. Peter Thiel-backed BitMine, which runs a similar strategy by stockpiling ether, will also invest $20 million.
The strategy mirrors Michael Saylor’s MicroStrategy, the largest corporate holder of bitcoin, and comes as U.S. crypto markets surge under supportive Trump-era regulations.
Worldcoin, launched in 2019, pairs a digital ID system with crypto distribution, offering users tokens in exchange for biometric iris scans. The total value of Worldcoin tokens stands at $2.7 billion, per CoinGecko.
Adding to momentum, Daniel Ives, a senior analyst at Wedbush Securities, will become board chairman of Eightco. The firm plans to change its ticker to “ORBS” on the Nasdaq around September 11.
Until now, Eightco was a tiny player: with just 3 million shares outstanding and a market cap of $4.4M as of last close, Monday’s rally represents a seismic shift in scale for the company.