Eightco Holdings Inc ( ORBS ). shares rose 1.58% in after-hours trading on Monday, extending a sharp intraday rally. The stock is also trending overnight.

What’s Possibly Driving ORBS?

This spike coincided with a rise in Ethereum’s (CRYPTO: ETH), which forms 19% of Eightco’s $134.56 million cryptocurrency treasury, according to CoinGecko.

The company secured $125 million in institutional commitments last week, including $75 million from BitMine Immersion Technologies Inc. ( BMNR ) (NYSE:BMNR) and $25 million each from ARK Invest and Payward, which is expected to fuel its expansion into AI and blockchain technologies.

The announcement included the appointment of Tom Lee, Chairman of Bitmine, to the board of directors, while Dan Ives stepped down as Chairman of the board.

Price Action: Eightco ( ORBS ) rose 1.58% in after-hours trading to $1.12 after closing 34.13% higher to $1.10 during the regular trading session. ETH was exchanging hands at $2,313.58, up 2.95% in the last 24 hours.

Benzinga’s Edge Stock Rankings showed ORBS underperforming in short-, medium-, and long-term price trends.