Eightco shares jump on $20M investment from Bitmine, world's first Worldcoin treasury strategy news

Eightco Holdings (NASDAQ:OCTO [https://seekingalpha.com/symbol/OCTO]) shares were surging as the packaging solutions provider announced [https://seekingalpha.com/pr/20223708-eightco-holdings-inc-octo-announces-250-million-private-placement-with-an-additional-20] a $20M investment from Bitmine Immersion Technologies (NYSE:BMNR [https://seekingalpha.com/symbol/BMNR]).

OCTO shares were +162.76% Monday pre-market to $3.81, while BMNR was -0.64% to $41.77.

Eightco priced a private placement for the purchase and sale of ~171.23M shares of common stock at $1.46 per share to raise aggregate gross proceeds of about $250M.

The capital is set to be used to implement the first-of-its-kind Worldcoin (WDC-USD [https://seekingalpha.com/symbol/WDC-USD]) treasury strategy.

BitMine acquired 13.70M shares issued by Eightco for $20M.

The transaction was led by MOZAYYX with participation from institutional investors, including World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric, Brevan Howard, and BitMine.

The offering is expected to close on or about September 11.

The net proceeds from the offering will be used to acquire WLD for Eightco's treasury operations.

The company said Worldcoin will serve as its primary treasury reserve asset.

Additionally, Eightco intends to change its ticker symbol on Nasdaq to ORBS, effective September 11.

"I am so excited to be named Chairman of Eightco Holdings Inc., marking the next step in the AI revolution around authentication and Proof of Human (PoH)," said the newly-appointed board chairman, Dan Ives.

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