What happened?
Shares of Eightco Holdings massively rose by over 3,000% after the company announced its plan to adopt Worldcoin as its primary treasury reserve asset, which includes a $250 million investment. The company also revealed its intent to rebrand its ticker to “ORBS”, aligning with Worldcoin’s iris-scanning Orb devices.
Who does this affect?
This move predominantly affects Eightco shareholders, the wider investor community, and strategic participants like the World Foundation, Kraken, and FalconX. This could impact other companies looking to diversify into crypto treasuries, pushing them to follow in Eightco’s footsteps, just as it followed MicroStrategy and BitMine.
Why does this matter?
This decision by Eightco potentially signifies an increasing trend of firms diversifying their treasuries with cryptocurrencies, hinting at a broader acceptance and adoption of digital assets in the corporate world. This could influence market trends, investor decisions, and potentially steer regulatory discussions regarding cryptocurrency adoption.