What to know:
- Eightco added $40 million to OpenAI, lifting its total investment in the firm to $90 million.
- The company said the move aims to give retail investors access to private AI company exposure.
- Eightco also holds WLD, Ethereum, and Beast Industries stakes, widening its AI-crypto reach.
Eightco Holdings Inc. expanded its investment in OpenAI by making a new equity investment of $40 million, which was announced on Friday. The latest deal takes its total investment in the private AI firm to $90 million, strengthening its push for artificial intelligence-related exposure.
Eightco Holdings Inc. said in a statement that it is making this investment as part of its goal of allowing public market investors access to private technology companies. OpenAI, the maker of chatbot ChatGPT, is one of the most closely watched private companies in the artificial intelligence space.
Eightco stated that the new investment is a continuation of its prior investment in OpenAI and represents its increased exposure to a company that has generated significant interest from the market. The announcement highlighted Eightco’s initiative to link retail shareholders and private companies through its public listing.
Eightco Targets Retail Investors
The company’s Chief Executive Officer Kevin O’Donnell stated that the company sees the investment in OpenAI as a significant business and shareholder opportunity. He added that the ability to access growing private companies was previously reserved for institutional investors and not public market participants.
O’Donnell noted that the company would seek to provide this through their Nasdaq listing under the ticker ORBS. His comments framed the investment as part of a broader effort to open a private market opportunity to retail investors.
Eightco has been a subject of interest due to their connection with investor Tom Lee. He recently joined the company’s board of directors.
Lee is also the chairman of Bitmine Immersion Technologies. It is reported that the company has invested $75 million into Eightco. This has brought the company under the spotlight as investors seek to know the company’s connection to both artificial intelligence and digital assets.
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The company’s portfolio is not only based on the investment in OpenAI. Eightco has invested $24 million in Ethereum. In addition, the company has invested $25 million in Beast Industries. Beast is a media company and a consumer platform founded by Jimmy Donaldson, known as MrBeast.
Eightco Broadens AI and Crypto Reach
These decisions demonstrate that the platform is working towards creating a broader corporate profile in terms of technology, crypto, and digital media. This latest purchase of OpenAI assets adds to that effort at a time when investor interest in private AI companies remains high.
Another aspect of Eightco’s activities relates to its connection to the World project, a cryptocurrency project by Sam Altman. According to the report, the company is the largest public holder of WLD, the project’s native token.
Last year, Eightco launched a WLD treasury via a $250 million private placement. According to the company, it currently holds 10% of the total WLD supply, making it a significant player within the World ecosystem.
The project uses a proof of humanity system in which an ID is issued after a user completes an eye scan verification. Altman co-founded Tools for Humanity, the main developer of the project, which gives the company a connection to another Altman-associated company through its holdings.
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