Dan Ives, former Wedbush Securities analyst and Tesla ultrabull, has partnered with Yorkville Securities—a firm with Trump family ties—to launch a "modern merchant bank for the age of AI." This follows Ives' departure as chair of Eightco Holdings, an ecommerce group he joined last September that pivoted to acquiring tokens linked to Sam Altman's iris-scanning crypto startup, World.

Cantor Fitzgerald helped raise $250mn from outside investors for the venture. Eightco's earlier embrace of World triggered a 5,600% one-day share surge before collapsing. As crypto volatility fades, Ives joins the migration toward AI-driven market gyrations. Yorkville also brings deep connections to Trump Media & Technology Group and faces a Senate Democrats investigation into a SPAC raising $200mn for a Venezuelan acquisition.

The FT notes dozens of US companies across sectors have rebranded to tout AI credentials, with most faring poorly. Yorkville declined comment, consistent with past non-responsiveness. The launch exemplifies the ongoing trend of corporate pivots chasing whichever asset class offers the most volatility.