IREN proposes $875 million convertible notes offering due 2031
Investing.com -- Eightco Holdings Inc. (NASDAQ:OCTO) stock surged 350% after announcing a $250 million private placement and an additional $20 million strategic investment from BitMine Immersion Technologies (NYSE:BMNR) to implement what it calls the "world’s first Worldcoin treasury strategy."
The company plans to use the proceeds to acquire Worldcoin (WLD) as its primary treasury reserve asset. The private placement involves approximately 171.2 million shares of common stock at $1.46 per share, with an additional 13.7 million shares issued to BitMine at the same price.
The transaction was led by MOZAYYX with participation from several institutional investors including World Foundation, Discovery Capital Management, and Brevan Howard. The offering is expected to close around September 11, 2025, subject to customary closing conditions including NASDAQ authorization.
In connection with the offering, Eightco intends to change its Nasdaq trading symbol from "OCTO" to "ORBS," also expected to take effect on September 11.
The company also announced that Dan Ives, described as a "renowned technology and AI expert and Wall Street analyst," will serve as Chairman of the Board. Eightco’s strategy focuses on Worldcoin’s "Proof of Human" technology, which uses iris-scanning Orb technology to verify unique humans while creating zero-knowledge digital identities.
Worldcoin, co-founded by Sam Altman, has reportedly created nearly 16 million zero-knowledge Proof of Human accounts in over 45 countries. Altman was quoted in the announcement saying, "If we succeed on our mission, World might become the largest network of real people online, fundamentally changing how we interact and transact throughout the Internet."
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