Eightco Holdings (ORBS) experienced a 12% surge in share prices after announcing a successful fundraising of $125 million, primarily aimed at expanding into blockchain and AI sectors.

On Wednesday, Eightco revealed that the funding round was led by Bitmine, which contributed $75 million. Additionally, ARK Invest and Payward, the company behind crypto exchange Kraken, each invested $25 million.

In conjunction with the fundraising, Tom Lee, chairman of Bitmine, is set to join Eightco’s board, and Brett Winton, chief futurist at ARK Invest, will also serve as a board advisor. Previously, Dan Ives, who was known for optimistic views on technology, stepped down from his chairman role with Eightco after being appointed just last month.

Eightco stated that this capital would facilitate investments in areas of technology that are pivotal for the next wave of advancements in AI, blockchain infrastructure, and global digital consumer platforms.

Eightco’s Focus on MrBeast and OpenAI

Moreover, Eightco has finalized an initial $50 million investment into OpenAI and an additional $25 million into Beast Industries, owned by James Donaldson, widely known as MrBeast.

“These investments place ORBS at the forefront of essential AI technologies and content creation, and broaden its holdings to include stakes in leading innovators,” stated Eightco.

Eightco’s Stock Performance Source: Google Finance

Despite the boost on Thursday, shares for Eightco remain down over 92.49% over the past six months, due to a broader downturn affecting crypto-related stocks. Eightco first ventured into the crypto space in September by announcing plans to acquire Worldcoin, which drove its share price up by 3,000% in a single day.

For related news, check out this article on Crypto accounting startup Cryptio securing $45 million as institutions shift towards on-chain solutions.