"Wall Street influencers" are rushing to enter the market, and "digital currency treasury companies" are sprouting up like mushrooms after rain. How far away is the "copycat season" in the crypto world?

After MicroStrategy incorporated Bitcoin into its corporate treasury and achieved great success, a new cryptocurrency investment model is emerging on Wall Street. A group of "Digital Asset Treasury Companies" (DATCOs) that focus on hoarding specific crypto assets with heavy investments is attracting well-known analysts to take the helm.

Wall Street Insight article reported that on Monday, Eightco announced that Dan Ives, a well-known technology analyst from Wedbush Securities, will serve as the company's chairman. At the same time, Eightco plans to raise approximately $270 million through private placement, specifically for purchasing the cryptocurrency project Worldcoin, founded by OpenAI CEO Sam Altman.

Dan Ives' involvement is not an isolated case; his strategy mirrors that of veteran Wall Street strategist Tom Lee in the practices of BitMine. The latter is actively increasing its holdings in Ethereum through corporate operations. These "hoarding" companies led by Wall Street figures are becoming a new force to stir the cryptocurrency market, especially in the altcoin sector.

Huge Financing Supports Crypto Asset Strategy

To achieve the transformation into a crypto asset treasury company, Eightco, headquartered in Pennsylvania, has signed agreements to raise substantial funds through private placements.

According to the announcement, the company will sell approximately 171 million shares of common stock at a price of $1.46 per share, raising about $250 million. Additionally, the cryptocurrency BitMine Technology Company has also subscribed to 13.698 million shares at the same price, providing Eightco with another $20 million in funding.

Eightco clearly stated that the net proceeds from this issuance will be used entirely to purchase WLD tokens. After the transaction is completed, Worldcoin will become the company's primary treasury reserve asset, while cash and Ethereum will serve as secondary reserves.

This financing was led by the crypto-focused investor MOZAYYX, attracting participation from several well-known institutions, including World Foundation, Discovery Capital Management, Kraken, Pantera, and Brevan Howard.

Notably, 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.

Institutional "Hoarding" Ignites Speculation of "Altcoin Season"

Eightco's aggressive transformation further ignited market expectations for the arrival of "altcoin season."

Previously, Bloomberg analyst James Seyffart analyzed that the "altcoin season" driven by institutional treasury activities has already arrived. He believes that it is the recent accumulation actions of these "Digital Asset Treasury Companies" (DATCOs), rather than Bitcoin ETFs, that are injecting momentum into the current altcoin market. Such cases are becoming increasingly common:

• BitMine, chaired by Tom Lee, has recently made two consecutive moves, adding $167 million worth of Ethereum to its balance sheet.
• Another Nasdaq-listed company, BNB Network, also increased its holdings by $33 million in BNB last week, becoming the largest corporate treasury holder of BNB globally.
• Additionally, the Japanese company Gumi disclosed a $17 million purchase of XRP in August.

Although the unit prices of many altcoins are still significantly lower than the peaks of the last bull market, this "coin hoarding" model led by publicly listed companies and endorsed by Wall Street elites is becoming a market force that cannot be ignored and may reshape the way investors participate in the cryptocurrency market