Eightco Raises ₱7.44 billion ($125 million), Deploys ₱2.97 billion ($50 million) to OpenAI
Eightco Holdings immediately deployed ₱2.97 billion ($50 million) into OpenAI and $25 million into Beast Industries, owned by YouTuber James Donaldson, following a $125 million funding round. Bitmine chairman Tom Lee and Ark Invest chief futurist Brett Winton joined the company's board.
Key Takeaway
Eightco pivots from e-commerce to AI and crypto after raising $125 million from heavyweight investors.
Bitmine chairman Tom Lee is joining Eightco's board after leading a $125 million funding round for the e-commerce inventory management platform.
Bitmine contributed $75 million to the raise, with Ark Invest and Payward each putting in $25 million. Lee joins Ark Invest chief futurist Brett Winton as an Eightco board advisor.
The company said it would use the capital to expand into artificial intelligence, blockchain infrastructure, and digital consumer platforms. Eightco immediately deployed $50 million into OpenAI and $25 million into Beast Industries, owned by YouTuber James Donaldson.
The announcement triggered a 12% share price jump on Thursday, closing up 11.67% to 90 cents before dropping 2.6% to 88 cents in after-hours trading.
Dan Ives stepped down from his Eightco chairman position following the funding announcement. Ives was appointed to the role last September when Eightco announced its initial Worldcoin purchase. Eightco shares surged 3,000% in a single day following the September Worldcoin announcement, but the stock has since dropped over 90% in the past six months.
This article was written based on reporting from Cointelegraph.
