OCTO stock: What in the Worldcoin is going on with Eightco Holdings?

"Shares of Eightco Holdings, a relatively unknown company that runs an inventory-management platform among other things, increased by more than 4,000% on Monday after it announced a $250 million private placement to adopt a buying strategy to purchase Worldcoin. It's the latest small publicly traded company to pivot to a digital-asset treasury in the hopes that the value of the tokens increase over time."

"What is Worldcoin? Worldcoin is the native crypto token for the World blockchain, launched by OpenAI's Sam Altman. Eightco also announced Dan Ives, an analyst who previously worked at Wedbush Securities, as its new chairman. Eighco's offering, per its release, is expected to close by the end of the week. It also announced plans to change its ticker from "OCTO" to "ORBS." The change is pending approval by the Nasdaq exchange, where shares of Eightco are traded."

"What does Eightco actually do? The Florida-based company was spun off from Vinco Ventures in 2022 and previously called Cryptyde. According to its most recent annual financial filing with the Securities and Exchange Commission (SEC), it initially comprised three core business units: Web3, Bitcoin mining hardware, and a corrugated packaging. In 2022, it acquired Forever 8, which offers funding for e-commerce businesses that sell on Amazon and other platforms."

Eightco Holdings revealed a $250 million private placement to acquire Worldcoin tokens, prompting a dramatic stock rally from $1.45 to intraday highs above $83. The company named Dan Ives as chairman and plans to change its Nasdaq ticker from "OCTO" to "ORBS," pending approval. Eightco originated as a 2022 spinoff from Vinco Ventures and was previously called Cryptyde; its reported business units include Web3, Bitcoin mining hardware, and corrugated packaging, and it acquired Forever 8 to fund e-commerce sellers. The move reflects a growing trend of small public companies allocating treasuries to digital assets amid speculative crypto markets.

Read at Fast Company