Background

Eightco Completes $270M Private Placement for Worldcoin Strategy

Article arrow_drop_down
Eightco Holdings Inc. Initiates Worldcoin Strategy
Key Points:
  • Eightco Holdings Inc. raises $270M for Worldcoin strategy.
  • Initiative involves major institutional investors.
  • First US company to list WLD as a reserve.
eightco-holdings-inc-initiates-worldcoin-strategy
Eightco Holdings Inc. Initiates Worldcoin Strategy

Eightco Holdings Inc., now listed as ORBS, completed a $270 million private placement to adopt a Worldcoin treasury strategy, acquiring WLD as the primary reserve. The move, likened to MicroStrategy’s Bitcoin approach, involves secondary reserves in ETH and cash.

Eightco Holdings Inc. has finalized a $270 million private placement aimed at implementing a Worldcoin treasury strategy, marking its position as the first US-listed company to engage in such action.

Worldcoin Strategy and Investor Involvement

Eightco Holdings Inc. has raised $270 million in a private equity round to acquire Worldcoin (WLD) as a primary treasury reserve, with secondary reserves in Ethereum and cash. The initiative was backed by significant institutional investors. MOZAYYX led the investment, with contributions from BitMine Immersion, Kraken, and others. Eightco’s move establishes them as the first US public entity to designate Worldcoin for their treasury reserves, echoing earlier Bitcoin-based strategies.
“The proceeds from this private placement will be used to acquire and hold Worldcoin as a primary reserve asset, while maintaining cash and Ethereum as secondary reserves,” said Dan Ives, Chairman, Eightco Holdings.

Market Reaction and Future Implications

Following the announcement, Eightco’s stock fell 13%, signaling market caution around the move. However, the initiative shows increasing confidence in cryptocurrencies as treasury assets, potentially affecting related sectors and investment strategies. Such moves may influence financial practices, aligning with trends of adopting digital assets for reserves. Technological developments could adjust as cryptocurrencies become integrated into traditional financial frameworks, creating new opportunities and challenges. Analysts suggest the initiative could encourage broader adoption of digital assets in US financial markets, though regulatory perspectives remain unexplored. No major reactions from regulators or industry leaders have been documented.

About the author

Related

About Coinlineup

CoinLineup is a specialized platform dedicated to empowering investors with the knowledge and tools needed to succeed in both the financial stock market and the crypto market. Our primary focus is to provide comprehensive market insights by delivering real-time and historical data, solid investment strategies, and trading tips. We aim to equip investors with accurate information, allowing them to make well-informed decisions in their financial endeavors.

Copyright 2024 coinlineup.com. Crypto, Stocks, and Forex – All in One Place.

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Login

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation