Tom Lee Joins Eightco Board as Firm Secures $125M Investment from ARK, Bitmine
Eightco receives significant funding from Bitmine, Ark Invest, and Kraken's parent company Payward to support strategic investments in MrBeast and OpenAI
On Thursday, Eightco Holdings (ORBS) witnessed its shares surge by 12% following the company's announcement of a $125 million capital raise aimed at supporting strategic ventures in the blockchain and artificial intelligence sectors.
In a Wednesday statement, Eightco disclosed that crypto treasury company Bitmine spearheaded the investment round with a contribution of $75 million, while both Ark Invest and Payward, which operates as the parent entity of cryptocurrency exchange Kraken, committed $25 million each to the funding initiative.
The announcement further revealed that Tom Lee, who serves as chairman of Bitmine, has been appointed to Eightco's board of directors, while Brett Winton, Ark Invest's chief futurist, has taken on the role of board advisor.
Meanwhile, Dan Ives, the Eightco chairman recognized for his optimistic perspective on technology sector developments, resigned from his leadership position after assuming the role in September.
According to Eightco, the newly acquired funds will fuel the company's growth strategy focused on "investing in technology shaping the next generation of artificial intelligence, blockchain infrastructure, and global digital consumer platforms."
Eightco bets on MrBeast, OpenAI
The company also announced the completion of a strategic $50 million initial investment in OpenAI, alongside a separate $25 million investment in Beast Industries and its founder, YouTuber James Donaldson, who is widely recognized by his online persona MrBeast.
"These investments position ORBS as a hub at the center of key frontier AI technologies and content creation, expanding its portfolio to include ownership stakes in world-leading innovators," the company stated.
By Thursday's market close, Eightco shares had climbed 11.67% to reach 90 cents, reflecting positive market sentiment following the funding announcement. During after-hours trading, the stock experienced a modest decline of 2.6%, settling at 88 cents.
Over the previous six months, Eightco shares have declined by more than 92.49%, mirroring the broader selloff affecting cryptocurrency-related equities during the current market downturn.
Originally operating as an e-commerce inventory management platform, Eightco initiated its cryptocurrency strategy in September by declaring its intention to acquire and hold Worldcoin (WLD), a move that triggered an extraordinary 3,000% single-day increase in its stock price.