Eightco Holdings Inc. (NASDAQ:ORBS) shares rose Thursday following a significant funding announcement that has captured investor attention.
$125 Million In Institutional Commitments
The company secured $125 million in institutional commitments, including $75 million from BitMine Immersion Technologies Inc. (NYSE:BMNR) and $25 million each from ARK Invest and Payward, which is expected to fuel its expansion into AI and blockchain technologies.
Payward is the parent company of global crypto platform Kraken.
Eightco’s Prior Investment In OpenAI
The funding commitments will support Eightco’s previously announced strategic investments, including a $50 million stake in OpenAI and a $25 million investment in Beast Industries.
These investments position ORBS as a hub at the center of key frontier AI technologies and content creation, expanding its portfolio.
The company continues to hold Worldcoin, co-founded by Sam Altman, and Ethereum (CRYPTO: ETH/USD).
“ORBS is taking on a unique initiative at the intersection of AI, blockchain, and creator-driven platforms,” said Cathie Wood, Founder, CEO, and CIO of ARK Invest. “At ARK Invest, we focus on technologies that have the potential to transform the global economy.”
Board Appointments To ORBS
Additionally, the announcement included the appointment of Tom Lee, Chairman of Bitmine, to the board of directors.
Brett Winton, Chief Futurist at ARK Invest, will serve as an advisor to the Board of ORBS. Dan Ives will step down as Chairman of ORBS.
The involvement of notable investors like ARK Invest and Payward underscores the confidence in Eightco’s long-term vision and market potential.
ORBS Price Action: Eightco Holdings shares were up 21.13% at $0.97 at the time of publication on Thursday, according to Benzinga Pro data.
Recent Comments