Shares in Eightco Holdings surged over 3,000% after announcing plans to buy and hold Worldcoin. The company aims to raise $250 million through a share sale and has attracted BitMine Immersion Technologies as an investor. This move follows a trend of non-crypto companies stockpiling cryptocurrencies, sparking concerns about market competition.

Eightco’s stock closed trading up nearly 3,009% at $45.08, cooling off from an intraday high above $80. The company plans to use the raised funds to purchase Worldcoin as a primary treasury reserve asset and potentially buy Ether as a secondary asset. It also intends to change its Nasdaq ticker symbol to “ORBS” on the same day.

Dan Ives, known for his tech industry insights, will join Eightco as chairman of the board. Ives has been bullish on the tech sector and launched an ETF tracking AI companies. His appointment is seen as a step towards revolutionizing authentication and Proof of Human in the AI-driven Fourth Industrial Revolution.

Worldcoin has seen a 49.2% gain in the past 24 hours following Eightco’s treasury pivot. The token is now trading at $1.54, marking an 80.5% increase in the past week. Despite a recent comeback from an all-time low, Worldcoin remains down about 87% from its peak in early March 2024.

Read more at CoinTelegraph: Eightco Stock Surges 3,000% On Worldcoin Treasury Plan