WASHINGTON (dpa-AFX) - Wall Street tech analyst Dan Ives is taking a bold step into the cryptocurrency space, joining Eightco Holdings (OCTO) as chairman of the board.
The move signals the company's strategic shift toward Worldcoin (WLD), the token tied to OpenAI co-founder Sam Altman's biometric identity startup, World.
Eightco announced Monday a $250 million private placement to fund its plan to accumulate Worldcoin as its primary treasury asset. The financing is expected to close around September 11, when the company also intends to change its ticker symbol to 'ORBS.'
Ives, Wedbush's global head of technology research and a high-profile voice on Wall Street, framed the decision as more than a speculative bet. 'I view World as really the de facto standard for authentication and identification in the future world of AI,' Ives told CNBC, stressing the project's role in solving one of AI's biggest challenges - proof of human identity.
The move mirrors similar plays in crypto markets, where public companies are adopting strategies akin to MicroStrategy's bitcoin accumulation model. Earlier this year, Fundstrat's Tom Lee took a comparable role at BitMine Immersion Technologies, whose stock has surged more than 800% since. BitMine also invested $20 million in Eightco as part of its 'Moonshot' strategy.
Worldcoin, launched in 2023, aims to establish a global digital identity system through its 'World ID,' rewarding users with tokens for participation. With a current market cap near $1 billion, the project has drawn comparisons to bitcoin and ethereum as investors seek riskier, high-growth crypto bets.
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