Wall Street penny stock rallies 3000% in 1 day on digital asset play and strategic moves

A penny stock on Wall Street, Eightco Holdings, surged over 3,000% in a single trading session on Monday, September 8, after announcing plans to acquire digital tokens backed by OpenAI’s Sam Altman and naming Wall Street analyst Dan Ives as its new chairman.

Shares peaked at 5,632% before some gains were trimmed, ending the day at $45.08, up from $1.45 on Friday, lifting the company’s market capitalization from $4.4 million to $190 million.

Digital asset play & private placement

Before the market opened, Eightco filed a statement saying it would sell approximately 171.2 million shares in a private placement at $1.46 apiece to fund the purchase of Worldcoin, a digital currency managed by the World Foundation, co-founded by Altman and Alex Blania.


The placement was led by Mozayyx, with participation from the World Foundation. Eightco also said Ether could be added as a secondary reserve currency. Worldcoin, which has a market capitalization of $3 billion, rose more than 40% on Monday, according to CoinMarketCap.

Strategic moves and market reactions

The company also named Wall Street analyst Dan Ives as its chairman, a move that added to investor enthusiasm.

Other companies have seen similar short-term surges when announcing digital-asset strategies. Forward Industries shares jumped as much as 95% after unveiling a Solana treasury, while ETHZilla Corp and Sonnet BioTherapeutics Holdings rose more than 200% earlier this summer when they announced digital-asset treasury strategies.

The private placement is expected to close on September 11. Eightco plans to change its Nasdaq ticker symbol to “ORBS” after the offering. BitMine Immersion Technologies, with Fundstrat’s Thomas Lee as chairman, invested $20 million for roughly 13.7 million shares, echoing an earlier Ether treasury announcement that saw BitMine’s shares rise over 690% in June.

Also read | MosChip Technologies shares slide 10% after rallying 59% in 7 days. Should you buy the dip?

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