Shares in publicly traded blockchain and artificial intelligence firm Eightco (ORBS) are up more than 15% Thursday following news that the firm has raised $125 million to continue its expansion into AI and blockchain.
BitMine’s Chairman Tom Lee will join the firm’s board of directors, while Ark’s Chief Futurist Brett Winton will be added as an advisor to the board. Eightco Chairman Dan Ives will step down as part of the transition.
“Bitmine invested in ORBS as we believe this company sits at the center of some of the most important future needs and developments for AI," Lee said in a statement.
“To me, there is tremendous synergy between Proof of Human (Worldcoin), the OpenAI foundational models, and connectivity to the greatest content creator in the world, MrBeast,” Lee added. “And the Ark investment team, known for their pioneering work on identifying exponential opportunities, is further fueling synergy and innovation in this company."
“ORBS is taking on a unique initiative at the intersection of AI, blockchain, and creator-driven platforms," said Wood in a statement. "At ARK Invest, we focus on technologies that have the potential to transform the global economy.
A $25 million position in ORBS would thrust the firm inside Ark’s top 70 holdings.
ORBS is now trading around $0.94, still down around 12% in the last five days of trading. Shares are down around 46% year-to-date.
