Dan Ives, a tech analyst at Wedbush Securities, has joined Eightco Holdings to focus on acquiring Worldcoin, a cryptocurrency co-founded by OpenAI CEO Sam Altman. Eightco is raising $250 million through a private placement to implement a unique Worldcoin treasury strategy and has also received funds from BitMine, led by Tom Lee.

Dan Ives is now the chairman of the board of directors at Eightco Holdings. Worldcoin will be the company’s primary treasury reserve asset, with plans to change its stock symbol to “ORBS” from “OCTO” once the share placement closes on Sept. 11. Both Ives and Lee are prominent analysts in the financial industry.

Eightco’s market value surged to over $119 million following the news of their focus on accumulating crypto assets. The company’s strategy mirrors that of MicroStrategy, now known as Strategy, which has gained attention for its bitcoin holdings. This move comes as World ID, a project using Worldcoin, gains traction in the market with its unique biometric technology.

Read more at Yahoo Finance: Dan Ives to Join Firm Focused on Acquiring Altman-Backed Worldcoin