<div id="readability-page-1"><div> By Steve Goldstein The 3,000% surge in Eightco Holdings' stock on the purchase of a digital asset that can be acquired independently is just the latest example of what one analyst calls 'market madness' Tom Lee, left, chair of Bitmine, and Dan Ives, chair of Eightco Holdings. Bitmine has agreed to buy a $20 million stake in Eightco. A loss-making asset manager saw its stock leap on Tuesday in just the latest example of how a corporate announcement of the purchase of a digital asset has sparked sensational returns. CaliberCos shares (CWD), which ended Monday at $2.15, soared by over 1,000% to around $35 in early New York following the company's announcement that it has purchased Chainlink tokens (LINKUSD) - a move it previously said it would undertake. That comes one day after Eightco Holding's stock (OCTO) surged to $45.08, up from $1.45 on Friday, after a $250 million investment from a group of investors to purchase a Sam Altman cryptocurrency called Worldcoin. Dan Ives, Wedbush Securities' colorful tech analyst, was named chair of the company. BitMine (BMNR), which is chaired by Fundstrat strategist Tom Lee, agreed to buy a $20 million stake in Eightco at $1.46 per share. &#34;The market's animal spirits are more than alive and well; they are as frenzied as ever,&#34; said Mike O'Rourke, chief market strategist of JonesTrading. He pointed out that the company's only material assets are $250 million in sponsor financing, yet it ended the day with an $8.5 billion market capitalization. It's likely, he added, that the company will soon launch an at-the-market offering to build up its multiple of net asset value, or mNAV. Eightco wasn't even the only digital-asset treasury conversion on Monday. Forward Industries shares (FORD) jumped 59% to $25.96 after that company made a $1.65 billion investment to buy Solana (SOLUSD). In the case of both Eightco and Forward Industries, the sponsors now hold some 98% of the companies. &#34;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,&#34; said O'Rourke. He called it an example of &#34;extreme greed.&#34; It's a playbook borrowed from Michael Saylor at Strategy (MSTR), the company previously known as MicroStrategy, and now copied not just in bitcoin but other crypto assets. Ironically, at the original, the multiple of net asset value has shrunk from over 3 to 1.5. O'Rourke pointed out that MicroStrategy's strength prior to 2025 was its scarcity value as an investment option. &#34;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,&#34; he added. -Steve Goldstein This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. <pre></pre> (END) Dow Jones Newswires 09-09-25 0943ETCopyright (c) 2025 Dow Jones &amp; Company, Inc.</div></div>

CaliberCos 的股价在宣布购买 Chainlink 代币后飙升超过 1,000%，达到约 35 美元，仅在 Eightco Holdings 的股票因 2.5 亿美元投资 Worldcoin 而暴涨 3,000% 的一天后。分析师将这一趋势形容为 “市场疯狂”，突显出投资者对数字资产的极度热情。Forward Industries 在投资 Solana 后也上涨了 59%。市场对与数字资产相关的股票的需求持续增长，这引发了对可持续性和估值的担忧

又一个上涨 1000% 的股票：CaliberCos 因收购数字资产而股价飙升，而就在一天前，Eightco 的股价上涨了 3000%