Eightco Skyrockets More Than 5,600% – Here’s The Story Behind The Spike

Shares of Eightco (OCTO) surged more than 5,600% in intraday trading on Monday after the company unveiled a $250 million private placement to fund what it calls the world’s first Worldcoin (WLD) treasury strategy. 

The rally was further fueled by news of an additional $20 million investment from Tom Lee–backed BitMine Immersion Technologies (BMNR) and the appointment of Wedbush Securities’ global tech head, Dan Ives, as Eightco’s new chairman.

OCTO stock opened Monday at $18.86, more than 1,200% above Friday’s close of $1.45, before spiking to a record high of $83.12. At the time of writing, the stock had pared some of its gains, trading at around $58. On Stocktwits, retail sentiment around the company maxed out in the ‘extremely bullish’, up from ‘neutral’ a day ago, and chatter also exploded to ‘extremely high’ from ‘low’ levels. The stock was also the top trending ticker on the platform.

The rally in Octo’s stock also pushed BitMine’s shares. BMNR stock rose more than 4% in afternoon trade on Monday. However, retail sentiment on Stocktwits around the Ethereum (ETH)-holding company remained in ‘bearish’ territory over the past day. 

Worldcoin, on the other hand, saw retail sentiment push higher within ‘extremely bullish’ territory with chatter at ‘extremely high’ levels. WLD’s price gained more than 40% over the past 24 hours.

According to a report by Bloomberg, Eightco could also add Ethereum as a secondary asset to its holdings down the line. The report stated that the company’s market capitalization increased to $190 million from $4.4 million in a single day after announcing its digital asset treasury (DAT) plans.

Eightco wasn’t the only company with its stock jumping on the news of creating a digital asset treasury (DAT). Forward Industries (FORD) saw its stock double in intraday trade on Monday after announcing that it would be setting up a Solana (SOL)-backed treasury. At the time of writing, FORD stock was up 66%, with retail sentiment on Stocktwits in the ‘extremely bullish zone’ amid ‘extremely high’ levels of chatter.

Read also: PNC To Buy Colorado’s FirstBank for $4.1B In Push To Bolster National Reach: Report

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