Eightco Holdings (NASDAQ: ORBS) pulled off a real power play on Wall Street Thursday, with shares jumping roughly 25% after the company announced it had locked in $125 million in new institutional commitments from a lineup that includes Bitmine Immersion Technologies, Cathie Wood's ARK Invest, and Payward, the parent company of crypto exchange Kraken.

 

The raise was led by Bitmine, which committed $75 million, with ARK Invest pledging at least $25 million and Payward rounding out the headline trio with another $25 million of its own. The full investor roster behind ORBS reads like a who's who of the crypto world: Coinfund, Pantera Capital, GSR, FalconX, Discovery Capital Management, and the World Foundation are all listed as backers.

 

But the capital raise wasn't even the most eyebrow-raising piece of news in Thursday's announcement. Eightco simultaneously disclosed it had already closed initial strategic investments of $50 million into OpenAI and $25 million into MrBeast and Beast Industries. 

 

The OpenAI investment, worth approximately $52.5 million in economic interests in the company's equity, closed on March 6, just days before this announcement.

 

 

To understand how we got here, we kind of have to dive a bit deeper. Eightco has had one of the stranger corporate transformations of recent years. The Pennsylvania-based company pivoted from inventory management to cryptocurrencies and is currently developing a universal framework for digital identity and authentication. Not too long ago, its main business was making cardboard boxes through a subsidiary called Ferguson Containers.

 

Now, the company's identity is built around Worldcoin (WLD), the biometric-based digital identity project co-founded by OpenAI CEO Sam Altman. As of March 5, 2026, Eightco's treasury holdings included 277,222,975 WLD tokens, 11,068 ETH, and $82 million in cash. That WLD position, the company says, represents nearly 10% of the token's circulating supply, making ORBS the largest public market holder of Worldcoin on any exchange.

 

The company continues to hold Worldcoin and Ethereum as a long-term believer in the world's second-most valuable cryptocurrency, and frames its Worldcoin stake as foundational to a "proof of humanity" authentication layer it's building out.

 

The vision, as ORBS tells it, is to combine Worldcoin's biometric identity infrastructure with OpenAI's foundational models to create something at the intersection of AI verification, blockchain rails, and mass consumer reach. And it seems that it's clearly a compelling enough pitch to draw in some serious institutional names.

Who's Backing It, and Why

Tom Lee, Chairman of Bitmine, is joining Eightco's Board of Directors, while Brett Winton, Chief Futurist at ARK Invest, will serve as an advisor to the board.

 

Lee's involvement through Bitmine is notable. Bitmine itself has been on an aggressive crypto treasury strategy of its own, positioning itself as the leading Ethereum treasury company in public markets. Bitmine has combined crypto, cash, and "moonshot" holdings ranging well into the billions, and adding Eightco to that ecosystem tightens the connection between the two companies considerably. Lee getting a board seat means this isn't a passive financial bet.

 

His take on the investment was direct. Bitmine sees Eightco sitting at the center of some of the most important future needs and developments in AI, with what Lee described as tremendous synergy between Proof of Human via Worldcoin, OpenAI's foundational models, and the reach of the world's biggest content creator in MrBeast.

 

ARK Invest's Cathie Wood weighed in too, describing ORBS as taking on a unique initiative at the intersection of AI, blockchain, and creator-driven platforms.

 

Kraken's Arjun Sethi was perhaps the most philosophical about the whole thing. The Payward co-CEO framed it around power-law dynamics, suggesting that a small number of platforms tend to capture a disproportionate share of value in technological revolutions, and that ORBS is trying to position itself at the convergence of AI, cryptographic infrastructure, and global digital distribution.

MrBeast and the Distribution Play

The $25 million bet on Beast Industries deserves its own look. On March 10, Eightco invested approximately $25 million in shares of Beast Industries, with $7 million of that amount structured as committed capital that may be funded within 60 days in exchange for additional stock.

 

Beast Industries is the broader enterprise behind YouTube megastar Jimmy Donaldson, better known as MrBeast. The company spans entertainment, consumer products, and CPG, with the snack brand Feastables among its faster-growing launches. MrBeast's YouTube channel has over 450 million subscribers and generates more than 5 billion monthly views across all channels.

 

For a blockchain infrastructure play trying to build out digital identity at scale, having a meaningful stake in the world's most-subscribed YouTube channel is an unusual but not entirely illogical move. Distribution is distribution, and Eightco seems to be betting that the future of human authentication online will require massive consumer reach to actually work.

 

Taken together, Eightco is making a bold argument that the convergence of AI identity verification, blockchain infrastructure, and mass consumer distribution represents a huge opportunity, and that a small public company out of Pennsylvania is somehow positioned to sit at the center of it.

 

Whether the OpenAI stake, the MrBeast bet, the Worldcoin treasury, and the Ethereum holdings actually compound into something concrete is still up in the air. The risk disclosures in ORBS's own SEC filings acknowledge this as well, flagging the company's lack of control over private companies where it holds minority stakes, and the ongoing challenges of maintaining Nasdaq listing compliance while burning cash.

 

But the investor lineup announced today isn't made up of amateurs. Pantera, Brevan Howard, Coinfund, and ARK all know what they're doing, and they all decided this particular combination of bets was worth backing.

 

 

Wall Street and crypto have been circling each other for years. On Monday, they shook hands.

 

Nasdaq and Kraken's parent company Payward announced a partnership to develop what they're calling an equities transformation gateway, a piece of infrastructure designed to let tokenized versions of publicly listed stocks move between the traditional, regulated financial system and the open, permissionless world of decentralized finance. The deal is one of the most significant convergences between a legacy exchange operator and a major crypto platform the industry has seen, and it arrives at a moment when several of the world's biggest exchanges appear to be racing to plant flags in the tokenized securities space.

 

Nasdaq President Tal Cohen said the exchange believes tokenization "has the potential to unlock the benefits of an always-on financial ecosystem" and to improve how investors access markets and how issuers engage with shareholders. The equity token design, which Nasdaq expects to become operational in the first half of 2027, is designed to preserve issuer control, existing regulatory frameworks, and the underlying rights associated with company shares.

 

 

What's Actually Being Built

Nasdaq's equity token design is not just about putting a blockchain wrapper around a stock. The initiative is structured so that blockchain records are integrated directly into the issuer's official share register, meaning a transfer of the token represents an actual transfer of the underlying security itself. Full legal and regulatory equivalence is the goal, not a synthetic approximation of it.

 

Kraken's xStocks framework powers the permissionless side of that equation. Since launching less than a year ago, xStocks has processed more than $25 billion in total transaction volume, with over $4 billion of that settled directly on-chain. More than 85,000 unique holders across supported networks have used the product, which currently covers more than 70 tokenized equities and ETFs, each backed 1:1 by the underlying asset. Fractional shares are available from $1. Trading runs around the clock on-chain, and dividends flow back automatically as additional tokens.

 

Under the partnership, the equities transformation gateway will allow clients in eligible jurisdictions to swap tokenized equities between the regulated, permissioned Nasdaq environment and the permissionless DeFi ecosystem. Payward Services will handle KYC and AML onboarding for participants accessing the gateway. Kraken will serve as the primary settlement layer for Nasdaq equity token transactions for an initial period, in the markets where xStocks are available.

 

It's worth being precise about geography. xStocks are not registered under the U.S. Securities Act and are not available to U.S. persons or in the United Kingdom. The initial rollout targets Europe and other international markets where Payward holds the relevant registrations and licenses.

 

 

The Regulatory Foundation Is Already Laid

None of this is happening in a vacuum. Nasdaq filed a proposal with the SEC in September 2025 that sought to allow tokenized versions of its listed stocks and ETFs to trade alongside traditional shares and settle through the Depository Trust and Clearing Corporation. That proposal argued for working within existing rules rather than around them, a notable contrast to tokenization projects that have tried to carve out space outside traditional regulatory structures.

 

The regulatory environment has also shifted meaningfully. The SEC's 2026 Staff Statement on Tokenized Securities classifies tokenized equities the same as regular equity securities under federal law, giving the Nasdaq initiative a cleaner legal runway than it might have had even a year ago. SEC Chairman Paul Atkins has been publicly supportive of American leadership in digital financial technology, and the commission has asked staff to work with firms on tokenized securities distribution.

 

Nasdaq's equity token design is set up as an issuer-sponsored, voluntary program. Public companies listed on Nasdaq would be able to opt in as the framework develops. The exchange plans to engage issuers, transfer agents, regulators, and market infrastructure providers as the project evolves.

 

 

Kraken's Vertical Integration Play

For Kraken, the Nasdaq partnership is the latest move in what looks increasingly like a deliberate strategy to own the entire tokenized equity stack. In December 2025 the company acquired Backed Finance, the Swiss issuer that sits behind the xStocks product, deepening its vertical integration along the tokenization value chain. In February of this year it expanded xStocks to the 360X platform operated by Deutsche Boerse Group. And in late 2025 Kraken launched what it described as the world's first regulated tokenized equity perpetual futures, offering up to 20x leverage for non-U.S. clients across more than 110 countries.

 

Kraken also became the first crypto company to secure approval for a Federal Reserve master account, a regulatory win that drew criticism from several U.S. banking groups but also marked a genuine shift in how regulators are thinking about the boundary between crypto platforms and the traditional banking system. The company is separately targeting a public listing in 2026.

 

Arjun Sethi, Kraken's Co-CEO, framed the Nasdaq deal in terms of capital efficiency as much as access. His argument is that equities today sit largely frozen inside brokerage systems where their utility is limited to directional exposure and, in some cases, venue-specific margin. Tokenized equities on programmable infrastructure, he suggested, can function as collateral across a much broader set of trading, lending, and hedging environments simultaneously, without the capital fragmentation that comes when each venue requires isolated collateral deposits.

 

"When collateral can move programmatically between systems," Sethi said, "settlement friction decreases and capital can move more dynamically between strategies and markets."

 

 

The Race Is On

The Nasdaq-Kraken announcement does not exist in isolation. It arrived in a week that saw the Intercontinental Exchange, the parent company of the New York Stock Exchange, make a strategic investment in OKX at a reported $25 billion valuation, signing a deal to bring tokenized NYSE-listed stocks and crypto futures to OKX's platform. ICE separately announced development of a new digital trading platform combining the NYSE's Pillar matching engine with blockchain-based post-trade systems. That platform would support 24/7 trading of U.S.-listed equities and ETFs, instant settlement via tokenized capital, and stablecoin-based funding. ICE said it would seek regulatory approvals for the venue, with NYSE-linked tokenized shares targeting availability in the second quarter of 2026.

 

Nasdaq also separately announced a partnership with Seturion, the tokenized settlement platform operated by Boerse Stuttgart Group, to connect its European trading venues to infrastructure supporting trading and settlement of tokenized securities.

 

What's emerging is something that looked improbable even two years ago: a genuine competition among the world's largest exchange operators over who gets to own the infrastructure layer for tokenized securities. The race is less about whether tokenized equities will happen and more about which institutions get to control the plumbing.

 

If the Nasdaq-Kraken infrastructure reaches full operation, the implications for how capital markets function could be substantial. Tokenized equities with 24/7 on-chain settlement would, in theory, compress the settlement cycle that still takes two business days in conventional U.S. equity markets. Shareholders would retain full governance rights, including proxy voting and dividend entitlements, automated through smart contract logic rather than managed through layers of intermediaries.

 

For international retail investors in markets where traditional brokerage distribution is limited or expensive, access to tokenized U.S. equities through a crypto exchange represents a potentially meaningful expansion of the investable universe. Fractional share availability starting at $1 removes one of the practical barriers that has kept some investors out of high-priced stocks.

 

The more speculative scenario, and the one Sethi seems most interested in, is what happens when tokenized equities can be used as collateral across DeFi lending protocols, perpetual futures markets, and other on-chain financial applications. The argument is that programmable collateral is more efficient than static collateral, and that the firms which build the infrastructure to move it across venues will capture a meaningful slice of the value created.

 

There's obviously a long way to go. The Nasdaq equity token design isn't expected to be operational until mid-2027. Regulatory approvals still need to be worked through. Issuer adoption is voluntary and therefore uncertain. The U.S. market itself remains off-limits for xStocks. And building genuine liquidity in tokenized equity markets, as Sethi himself acknowledged, requires more than technology alone.

 

Still, the direction of travel is increasingly clear. The question is no longer whether traditional exchange operators will engage with blockchain-based infrastructure. It's who gets there first, and whose plumbing ends up underneath everyone else's trades.

Canary Capital XRP Spot ETF Set for Trading on November 13th

 

Canary Capital is poised to launch what could become the first major U.S. spot ETF tied to XRP on November 13, 2025. The firm updated its S-1 registration to remove a delaying amendment that previously gave the U.S. Securities and Exchange Commission (SEC) indefinite discretion over timing. With that procedural hurdle cleared, the launch date now stands as scheduled, assuming final exchange filings are completed without new regulatory objections.

 

What changed in the filing

• The updated S-1 submission eliminates the “delaying amendment” that prevented automatic effectiveness under Section 8(a) of the Securities Act of 1933.

• Without that clause, the filing can become auto-effective after a 20-day waiting period unless the SEC raises substantial comments.

• With this obstacle removed, the fund is tracking toward a November 13 launch, contingent on approval of its Form 8-A listing with the Nasdaq Stock Market and final clearance from the exchange.

• The timing follows the same process used by other altcoin spot ETFs launched by Canary Capital, including products for Solana, Litecoin and Hedera. These also relied on the auto-effective mechanism.

 

Why it matters for XRP and the crypto market

• A spot ETF for XRP dramatically expands investor access by enabling exposure through standard brokerage accounts. Investors will not need self-custody or direct interaction with crypto exchanges.

• Institutional demand is expected to be significant. XRP has one of the largest global user bases in the digital asset sector. Many analysts believe the ETF could attract substantial inflows during its first months of trading.

• The launch arrives during a broader shift in U.S. regulatory policy. Regulators have recently approved generic listing standards for spot crypto ETFs, creating a path for assets other than Bitcoin and Ethereum.

• If the listing proceeds as planned, November 13 could become a landmark moment for altcoin investment products and a sign that regulated crypto ETFs are entering mainstream financial markets.

 

Launch mechanics and product details

• The ETF will trade on Nasdaq or another major U.S. exchange under a ticker that Canary Capital has not yet confirmed. Several filings suggest the ticker may be “XRPC.”

• The fund is structured as a Delaware statutory trust and will hold direct spot XRP. No futures or synthetic exposure will be used.

• Custodial providers and market makers are reportedly in place to support liquidity and orderly trading on the first day.

• The removal of the delaying amendment gives the fund a direct legal path to launch. Unless the SEC issues new comments, the product will go live automatically on the expected date.

 

Risks and remaining conditions

• Although the date is targeted and procedurally aligned, the launch still depends on final exchange filings such as Form 8-A and the absence of additional SEC review. Any new staff comments could delay effectiveness.

• The auto-effective pathway speeds up the process, but it does not guarantee that the SEC will not exercise its authority to halt or modify the filing.

• As with all crypto-related ETFs, the product carries risks such as volatility, liquidity fluctuations, custody risk and potential tracking differences between the ETF and spot XRP.

• High expectations may pose additional pressure. If initial trading performance does not meet market enthusiasm, sentiment could shift quickly.

 

What to watch next

• Official confirmation of the ETF ticker and the listing exchange.

• Announcements from authorized participants and liquidity providers, which will shape the ETF’s trading quality.

• Secondary market trading volume and creation-unit activity once the fund opens.

• XRP price action as markets react to the upcoming launch and investors position ahead of the date.

• Additional regulatory updates that may impact this ETF or future altcoin ETFs.

 

Final thoughts

Canary Capital’s spot XRP ETF represents one of the most significant steps yet toward expanding regulated crypto products beyond Bitcoin and Ethereum. If the ETF goes live on November 13, 2025, it will open the door for broader institutional involvement in XRP and potentially set the stage for additional altcoin ETFs.

For XRP holders, the launch could bring new sources of liquidity, price discovery and market legitimacy. For the industry at large, it signals a shift toward regulated access points for digital assets. Success, however, will depend on smooth execution, clear communication from regulators and strong market participation once trading begins.

 

All indicators suggest that the launch is on track. Unless regulators introduce unexpected changes, November 13 could become a historic date for crypto investment products.

 

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