Eightco (OCTO) stock saw massive gains on Monday after the technology and financial company announced a $250 million private placement. The company will sell 171,232,877 shares of OCTO stock priced at $1.46 each. Alongside this were 13,698,630 shares offered to BitMine at $1.46 each, representing an additional $20 million.
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Eightco said it intends to use the funds from these offerings to purchase Worldcoin (WLD) for its crypto treasury strategy. This will mark the first time that a Worldcoin crypto treasury has been created, and it will also serve as Eightco’s primary treasury asset. As part of this, Eightco will change its ticker symbol to “ORBS” on Sept. 11.
Dan Ives, newly appointed Chairman of the Board at Eightco, said, “the future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution. World is the internet of people. While AI gives us infinite abundance, World gives us infinite trust and authentication.”
Eightco Stock Movement Today
Eightco stock was up 1,442.07% on Monday, extending an 858.45% increase year-to-date. However, the shares were still down 1.36% over the past 12 months. Today’s movement came with heavy trading, as some 18.25 million shares changed hands, compared to a three-month daily average of about 2.03 million units.
Is Eightco Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Eightco is thin. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates OCTO stock Neutral (46) with a $1.50 price target. It cites “significant financial challenges, including high leverage and negative cash flow” as reasons for this stance.
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