Eightco receives $125 million in funding from Bitmine and ARK

Shares of Eightco Holdings ( ORBS ) rose 12% on Thursday after it raised $125 million to bet on blockchain and artificial intelligence.

Eightco said on Wednesday that crypto treasury company Bitmine led the funding with $75 million, while Ark Invest and Payward, the parent company of crypto exchange Kraken, each contributed $25 million.

Bitmine chairman Tom Lee will join Eightco’s board, and Ark Invest futurist Brett Winton has also signed on as an adviser to the board, the company added.

Eightco chairman Dan Ives, known for his strong commentary on the technology sector, also stepped down after being appointed to the role in September.

Eightco said the capital will support its expansion “to invest in the technology shaping the next generation of artificial intelligence, blockchain infrastructure and global digital consumer platforms”.

Eightco bets on MrBeast, OpenAI

Eightco said it also closed an initial strategic investment of $50 million in OpenAI and another $25 million in Beast Industries and its owner and YouTuber James Donaldson, known as MrBeast.

​”These investments position ORBS as a hub at the heart of key frontier AI technologies and content creation, expanding its portfolio to include ownership stakes in world-leading innovators,” Eightco said.

related to: Crypto accounting startup Cryptio raises $45 million in institutional crowdfunding

Eightco shares rose 11.67% to 90 cents on Thursday in response to the announcement. Shares were slightly lower after hours, down 2.6% to 88 cents.

Shares of Eightco have fallen more than 92.49% in the past six months as crypto-related stocks have floundered amid a broader market rally.