Crypto is getting a lot of attention again, and now even big names from Wall Street are jumping in. One of the latest examples is Dan Ives, a well-known analyst from Wedbush Securities and a major supporter of Tesla. Ives has just become the chairman of Eightco Holdings, a small public company that plans to fill its balance sheet with cryptocurrency.

Eightco Holdings, which usually works in retail and inventory management, just raised $250 million through a private share sale. The goal? To buy Worldcoin — a digital token connected to the crypto project World, which is backed by OpenAI cofounder Sam Altman.

Even though Ives is known more for his analysis work than running companies, his new role follows a trend. More public companies are being created with the main goal of buying and holding crypto. These are called digital asset treasury companies, and they give regular investors a way to get exposure to cryptocurrencies like Bitcoin or Solana without directly trading them.

Other big names are doing the same. Alex Spiro, Elon Musk’s lawyer, now chairs a company focused on Dogecoin. Kyle Samani, a well-known crypto investor, is leading another public firm that’s investing in Solana.

Nick Cote, CEO of crypto-focused investment bank SecondLane, compared this strategy to Hollywood casting. He says putting famous or respected people in charge is like putting a celebrity in a movie — it grabs attention fast.

And that’s the point. The crypto market is getting crowded. Since January, over 200 companies have announced plans to raise more than $145 billion to buy digital assets, according to Architect Partners, a firm that tracks crypto deals.

This trend started back in 2020 when Michael Saylor’s company, MicroStrategy (now Strategy), began buying Bitcoin in large amounts. Investors started treating the company’s stock like a stand-in for Bitcoin itself — as Bitcoin’s price went up, so did Strategy’s shares.

Now, many other companies are copying that idea. Some focus on Bitcoin, while others are going after newer or niche coins like Ethereum, Solana, XRP, and Dogecoin.

To stand out from the crowd, these companies often put famous or trusted names on their boards. It’s a quick way to build credibility and draw media attention. Marco Margiotta, CEO of House of Doge (the group behind a Dogecoin-focused company), says flashy names help — but strong communities matter more in the long run.

For some firms, it’s not just about popularity — it’s about trust. Jaime Leverton, CEO of ReserveOne (another digital asset treasury company), says adding respected people like former U.S. Commerce Secretary Wilbur Ross helps make traditional investors feel more confident about crypto.

Crypto has had its share of scandals and massive losses. That’s why people like Cote believe strong leadership and recognizable board members are key to building trust moving forward.

As for Dan Ives, he told CNBC he wouldn’t be joining this kind of crypto company if it was just doing what everyone else is doing. His move suggests Eightco might have bigger plans for how it handles its digital assets.

At this time, there hasn’t been an official comment from the team behind the Worldcoin treasury initiative.