(L-R) On September 07, 2025, Tom Lee, Chairman of Bitmine, and Dan Ives, Chairman of Eightco Holdings, are seen posing at the Hyatt Huntington Beach, California.
Eightco Holdings’ 3,000% increase on the acquisition of a digital asset that can be purchased on its own is simply the most recent instance of what one expert refers to as “market madness.”
Eightco shares (OCTO) jumped from $1.45 on Friday to $45.08 following a $250 million investment by a consortium of investors to buy Worldcoin, a cryptocurrency created by Sam Altman.
Wedbush Securities’ vibrant tech analyst, Dan Ives, was appointed chairman. Under the direction of Fundstrat strategist Tom Lee, BitMine (BMNR) agreed to pay $1.46 per share for a $20 million interest in Eightco.
“The market’s animal spirits are more than alive and well; they are as frenzied as ever,” stated Mike O’Rourke, JonesTrading’s chief market strategist.
He noted that the stock concluded the day with a market capitalization of $8.5 billion, despite the fact that the company’s only significant assets are the $250 million in sponsor funding. He goes on to say that in order to increase its multiple of net asset value, or mNAV, the company is probably going to issue an at-the-market offering soon.
On Monday, there were other digital asset treasury conversions besides Eightco. Shares of Forward Industries (FORD) surged 59% to $25.96 on the $1.65 billion purchase of Solana (SOLUSD).
Approximately 98% of Eightco and Forward Industries are currently owned by their sponsors.
“The public’s willingness to pay a premium – and in some cases wild premiums – to have an equity wrapper around a digital asset they can purchase individually remains amazing,” O’Rourke stated. According to him, it is an instance of “extreme greed.”
It is a strategy that was stolen from Michael Saylor at the business that was once known as MicroStrategy (MSTR) and is currently replicated in bitcoin and other cryptocurrency assets. Paradoxically, at the original, its net asset value multiple decreased from more than three to 1.5.
Prior to 2025, MicroStrategy’s strength as an investment choice was its scarcity value, according to O’Rourke. “Now that Digital Asset Treasury conversion deals are announced on a weekly, if not daily, basis, that scarcity value is quickly eroding for every equity in the space,” he states.
