TLDR
- Eightco Holdings Inc. (NASDAQ:ORBS) jumped 34.34% on Monday to close at $11.07 per share after Bitmine Immersion expressed strong confidence in Ethereum’s long-term prospects
- Bitmine Immersion, the world’s largest Ethereum treasury holder, views Ethereum as one of the biggest macro trades over the next 10 to 15 years
- Eightco announced last month it would add Ethereum as its secondary reserve asset after Worldcoin
- Bitmine raised its Ethereum holdings to $13.4 billion, while Bitcoin invested $113 million in Eightco last month
- Multiple institutional investors including World Foundation, Discovery Capital Management, and Pantera have provided financial backing to Eightco
Eightco Holdings Inc. rocketed 34.34% on Monday, closing at $11.07 per share. The rally came after Bitmine Immersion made bullish statements about Ethereum’s future.
Bitmine Immersion is the world’s largest Ethereum treasury holder. The firm said it views Ethereum as one of the biggest macro trades for the next 10 to 15 years.
This comment lit a fire under Eightco’s stock price. The company had announced last month that it would make Ethereum its secondary reserve asset.
Worldcoin remains Eightco’s primary cryptocurrency reserve. But the addition of Ethereum shows the company is diversifying its crypto holdings.
At the time of trading, Ethereum prices were up 3.93% to $4,692 each. The cryptocurrency’s price movement helped support the rally in Eightco shares.
Bitmine Doubles Down on Ethereum
Bitmine Immersion didn’t just talk about Ethereum. The firm put its money where its mouth is.
The company raised its Ethereum ownership to $13.4 billion. This aggressive expansion into ETH sent a clear signal to the market about its confidence level.
Bitmine’s massive treasury position makes its views on Ethereum carry weight with investors. When the largest holder speaks positively, others tend to listen.
The connection between Bitmine’s bullish stance and Eightco’s rally was clear. Investors saw Eightco’s Ethereum strategy as aligned with one of crypto’s biggest players.
Bitcoin and Institutional Backing
Bitcoin made a $113 million investment in Eightco last month. The investment was tied to Eightco’s Worldcoin adoption strategy.
Worldcoin adoption has been growing. Bitcoin wanted to capitalize on this trend through its stake in Eightco.
But Bitcoin wasn’t alone in backing the company. Eightco secured financial support from a long list of institutional investors.
World Foundation, Discovery Capital Management, GAMA, and FalconX all invested in the company. Kraken, Pantera, GSR, and Coinfund also provided backing.
Occam Crest, Diametric, and Brevan Howard rounded out the list of institutional supporters. This wide array of backing shows institutional confidence in Eightco’s strategy.
The combination of Bitcoin’s investment and institutional support created a strong foundation for the stock’s rally. Having major crypto players and traditional investors on board validated Eightco’s approach.
Eightco’s dual reserve strategy of Worldcoin and Ethereum positions the company to benefit from growth in both cryptocurrencies. The Monday rally reflected investor enthusiasm for this positioning as Ethereum sits at $4,692 and Bitmine continues expanding its $13.4 billion ETH treasury.
