Fans of Cryptyde and TYDE stock are going to have to get used to addressing the company differently as it undergoes a name and ticker change. Starting today, Cryptyde has officially changed its name to Eightco Holdings (NASDAQ:OCTO).
This move also comes with the new OCTO stock ticker. The change comes as the company focuses on its Forever 8 subsidiary, which is its most valuable asset.
According to Eightco, this will see the company continue to serve existing customers through its subsidiaries Forever 8 and Ferguson Containers. Forever 8 is a big money maker for the company with expected revenue of $60 million in 2023.
Brian McFadden, CEO of Eightco, said the following about the TYDE stock name change:
“After internal discussions and analysis, our leadership reached the consensus that the crypto industry’s regulatory risks are likely to continue escalating, and the company and our clients would be better served by focusing our full attention on supporting entrepreneurs through our existing subsidiaries Forever 8 and Ferguson Container.”
OCTO Stock Movement on Tuesday
Investors aren’t reacting well to the TYDE stock change and switch away from crypto. As a result, heavy trading has some 800,000 shares of OCTO stock changing hands today. For comparison, the average daily trading volume for TYDE stock was 149,000 shares.
OCTO stock is down 19.4% as of Tuesday morning.
There’s more stock market news traders will want to know about on Tuesday!
Luckily, we’ve got all of that ready for investors with our deep dive into the market. A few examples include what has shares of Hyzon Motors (NASDAQ:HYZN), Etsy (NASDAQ:ETSY) and Virgin Orbit (NASDAQ:VORB) stock moving today. You can read up on all of that news at the following links!
More Tuesday Stock Market News
- Why Is Hyzon Motors (HYZN) Stock Moving Today?
- Etsy Stock Pops on Analyst Upgrade
- VORB Stock Alert: Virgin Orbit Files for Chapter 11 Bankruptcy Protection
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.