Worldcoin treasury firm Eightco Holdings on Wednesday said it completed the $270 million through private placement.
It will now proceed to establish the first-of-its-kind Worldcoin treasury strategy, which caused its stock to explode nearly 3,000% in a day.
WLD price has rallied more than 130% in less than a week amid Upbit listing and Eightco’s $250 million Worldcoin treasury plan.
Eightco Holdings Raises $270 million for Worldcoin Treasury
Nasdaq-listed Eightco Holdings has proceeded to raise $270 million via private placement to establish its Worldcoin treasury, according to a press release on September 10.
Several notable institutional investors, including World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric, Brevan Howard, Wedbush and other helped the firm raise.
Moreover, Tom Lee-backed Ethereum treasury firm BitMine Immersion invested $20 million, as The Coin Republic reported earlier.
This caused BMNR stock to fall, but rebounded as investors saw massive buying of WLD by investors.
The company will use the proceeds to buy Worldcoin (WLD) and leverage it in the core business operations.
The company also declared plans to hold cash and have Ethereum (ETH) in the treasury as a secondary reserve asset.
Also, the Nasdaq-listed company will change its trading symbol to ORBS from OCTO on Thursday.
OCTO price is trading more than 8% lower at $36.61 amid the profit booking. The stock closed 10.89% lower at $40.17 on Tuesday.
WLD Records Profit Booking After Upbit Listing
South Korea’s largest crypto exchange Upbit listed WLD in KRW, BTC, and USTC pairs. This expanded access for Korean investors, immediately triggered a massive upside momentum with higher trading volumes.
Nansen reported that WLD pulled in $1.79 million in the last 24 hours. This signaled that smart money continued to actively buy the token.
However, some investors booked profits after a massive rally in Worldcoin (WLD) price. Lookonchain reported that a whale deposited 1.55 million WLD tokens worth $2.69 million into FalconX.
The whale acquired 6.18M WLD coins worth $7.75 million from FalconX in May and June at an average price of $1.25.
The whale currently holds 4.64 million WLD worth $9.36 million, with a total profit of $4.3 million.
Worldcoin Price Set for Further Upside?
WLD price was trading sideways in the past 24 hours after a 130% rally in a week. The price trades at $1.87, with a 24-hour low and high of $1.72 and $2.05, respectively.
Furthermore, the trading volume has decreased by 43% in the last 24 hours, indicating a decline in interest among traders.
Worldcoin price rallied above $2.03, which now becomes a near-term resistance level. However, some profit booking caused WLD price to consolidate for a further leg up.
As per an analysis, $2.46 and $3.10 are the next WLD price targets. Moreover, it could enter the price discovery phase if WLD breaks above $3.10.
In contrast, $1.52 and $1.137 are the key support levels to watch. Positive sentiment will turn negative if the price fails to hold above these levels.
A drop below the levels could trigger a move to $0.50, as predicted by analyst Ali Martinez.