The holding company Eightco has just seen its share price skyrocket following the announcement of a WLD treasury from World (formerly Worldcoin). This is the first treasury dedicated to Sam Altman’s project.

Eightco becomes a WLD treasury

Originally, Eightco was a holding company that made strategic acquisitions and managed the activities of its subsidiaries. But now, the company is primarily a treasury. Yesterday, it announced that it was raising $250 million to build a treasury in World (WLD).

As a reminder, the cryptocurrency and the company were created by Sam Altman, the co-founder of OpenAI. World offers an identification service based on retinal scans, using “orb” technology.

To affirm its commitment to World, Eightco has renamed its stock ticker “ORBS,” a change that will take effect on September 11. It has also signed a partnership with BitMine, which has provided $20 million.

ORBS stock sees record rise on the stock market

As a result of this announcement, Eightco’s stock rose by an unprecedented 3,000% on Monday. Closing at $1.43 on Friday, it shot up to $45 at yesterday’s close. The stock even briefly touched $83, an increase of more than 5,000%.

In return, WLD also experienced a notable breakthrough. The cryptocurrency has jumped 50% since yesterday. However, it remains 83% below its all-time high, reached in March 2024.

The cash craze continues

Dan Ives, president of Eightco, told our colleagues at Decrypt that he strongly believes in the project:

We believe World is significantly undervalued relative to the potential of the opportunity. […] I wouldn’t be involved if it were just a token-based strategy. A key element of the AI revolution will be the authentication and trust layer—and that’s exactly what World brings to the table.

The company also plans to hold Ether (ETH), although its main focus will be on World. This move is part of a trend: many companies are choosing to build up their cash reserves in cryptocurrency, leading to sudden rises in their share prices. But questions remain about the sustainability of such a strategy.