Wall Street's most vocal AI bull Dan Ives is betting his reputation on Sam Altman's controversial identity verification startup. The Wedbush Securities analyst just became chairman of Eightco Holdings, which announced a $250 million private placement to accumulate Worldcoin tokens as its primary treasury asset — the boldest institutional play yet on the future of human authentication in an AI-dominated world.
The AI revolution just got its most unlikely champion. Dan Ives, the Wedbush Securities analyst who's become Wall Street's unofficial AI evangelist, is placing a massive institutional bet on Sam Altman's most controversial venture — and the timing couldn't be more telling.
Eightco Holdings, a previously obscure Nasdaq-listed company, announced Monday that Ives is now chairman of its board of directors. The appointment comes alongside a $250 million private placement designed to accumulate Worldcoin tokens as the company's primary treasury asset, marking the most aggressive institutional play yet on Altman's biometric identity verification project.
"As someone that's so passionate about the AI revolution and the future of tech, I view World as really the de facto standard for authentication and identification in the future world of AI," Ives told CNBC. "I would not be doing this initiative if it was just a cookie cutter token strategy."
The move mirrors the playbook pioneered by Tom Lee of Fundstrat, who joined BitMine Immersion Technologies as chairman in June. That bet paid off spectacularly — BitMine shares have rocketed over 800% since Lee's involvement was announced. Now BitMine is doubling down, making a $20 million strategic investment in Eightco as part of its "Moonshot" strategy to strengthen Ethereum's ecosystem.
The crypto treasury trend has exploded beyond MicroStrategy's original Bitcoin accumulation model. Companies are increasingly venturing into riskier territory, hoping for outsized returns. DeFi Development Corp launched in April targeting Solana tokens, while a Canadian vape company called CEA Industries announced a Binance Coin accumulation plan in July.
