Packaging company Eightco purchased Worldcoin supported by Altman, with the stock price soaring nearly 50 times in a single day

A corrugated packaging company announced its plan to purchase WorldCoin, causing its stock price to surge nearly 5000%, making it the latest publicly traded company to adopt a cryptocurrency reserve strategy.

On Monday, Eightco Holdings announced that it would implement a "pioneering" strategy to purchase WorldCoin. To fund the initial purchase, the company raised approximately $270 million by selling shares to a group of investors.

At the same time, the company announced the appointment of Wall Street veteran analyst Dan Ives, known for his bullish stance on Tesla, as its chairman, and plans to change its Nasdaq trading code to "ORBS" to echo the iconic spherical iris scanner of the WorldCoin project.

Previously mentioned by Wall Street Insight, the WorldCoin project was founded by OpenAI CEO Sam Altman, and this digital currency attempts to redefine "human identity" in the AI era using iris scanning and a blockchain identity system.

This series of news stimulated Eightco's stock price to soar nearly 5000% during Monday's trading, briefly pushing its market capitalization to $210 million. According to Bloomberg data, its trading volume was approximately 54,000 times the 20-day average.

Meanwhile, WorldCoin also showed a significant upward trend, rising over 45% in a single day to $1.51, still a considerable distance from its historical high of $11.81.

Huge Financing Supports Cryptocurrency Asset Strategy

Headquartered in Pennsylvania, Eightco primarily sells custom packaging products and also has a business unit focused on e-commerce inventory management.

To achieve its strategic transformation, Eightco has signed agreements to raise substantial funds through private placements.

According to the announcement, the company sold approximately 171 million shares of common stock at a price of $1.46 per share, with total expected financing of about $250 million.

Additionally, Bitcoin mining company BitMine Immersion Technology subscribed for 13.698 million shares at the same price, providing Eightco with an additional $20 million in funding.

Eightco clearly stated that the net proceeds from this issuance will be used to purchase WLD tokens for its treasury operations. WorldCoin will become the company's primary treasury reserve asset, while cash and Ethereum will serve as secondary reserves.

This financing deal was led by cryptocurrency-focused investor MOZAYYX, with numerous well-known institutions participating, including World Foundation, Discovery Capital Management, Kraken, Pantera, and Brevan Howard It is worth noting that the brokerage firm Cantor Fitzgerald, reportedly controlled by the family of U.S. Secretary of Commerce Gina Raimondo, acted as the financial advisor for MOZAYYX in this transaction.

Appointing Wall Street Mouthpiece, Imitating MicroStrategy Model

Eightco's new strategy places it among a group of so-called "cryptocurrency treasury companies" that are attempting to emulate the successful path of software manufacturer MicroStrategy.

MicroStrategy's market capitalization has soared to nearly $10 billion over the past few years by financing the purchase of Bitcoin in the equity and debt markets.

To lead this transformation, the company has brought in renowned tech analyst Dan Ives as the new chairman. Ives stated:

The future of artificial intelligence requires Worldcoin to play a leading role in this AI-driven Fourth Industrial Revolution. Worldcoin is the internet of people. As AI brings us infinite abundance, Worldcoin provides us with infinite trust and verification.

Highly Anticipated Worldcoin

Worldcoin is a digital identity project co-founded by Sam Altman and Alex Blania, aimed at providing a key "Proof of Human" solution for an increasingly AI-driven world.

The project has developed unique spherical iris scanning hardware (Orb), allowing users to verify their unique human identity by scanning their iris to participate in Worldcoin transactions. The project was launched in the U.S. last July.

According to reports, Worldcoin utilizes zero-knowledge proof technology to confirm that users are real and unique humans without storing their biometric information on the blockchain.

Founder Sam Altman stated:

If our mission is successful, Worldcoin could become the largest real human network online, fundamentally changing the way we interact and transact across the internet.

Currently, the project has created nearly 16 million zero-knowledge human proof accounts in over 45 countries