BitMine’s $20M Eightco bet balloons to $616M as stock moons 3,000%

BitMine Immersion Technologies saw its $20 million investment in Eightco Holdings (NASDAQ: OCTO) surge to approximately $616 million today as Eightco’s stock skyrocketed following the announcement of a new Worldcoin-based treasury strategy.

Eightco shares jumped 2,982% at Monday’s market close after the company revealed a $250 million private placement and BitMine’s anchor investment in the first corporate treasury program focused on Worldcoin ($WLD), per Yahoo Finance.

The company intends to use $WLD as its primary reserve asset, with Ethereum and cash as secondary holdings.

BitMine purchased about 13.7 million Eightco shares at $1.46 per share. The stock closed at $45, transforming BitMine’s investment into a paper gain of nearly $600 million in one trading session.

“BitMine wants to support and back innovative projects that create value for the Ethereum network,” BitMine Chairman Thomas “Tom” Lee said in a statement. “As an ERC-20 native token, World is aligned with Ethereum. World’s unique zero-knowledge Proof of Human credential could be essential to future trust and safety between technology platforms and their billions of human users.”

The private placement included participation from MOZAYYX, World Foundation, Pantera Capital, GSR, CoinFund, Kraken Ventures, FalconX, Discovery Capital, GAMA, Occam Crest, Diametric, and Brevan Howard.

Eightco, an e-commerce infrastructure company, plans to change its Nasdaq ticker to “ORBS” following the treasury transition.

Dan Ives, newly appointed Chairman of Eightco, called the move “the next step in the AI revolution around authentication and Proof of Human.”

The offering is expected to close around September 11, pending Nasdaq authorization.