Eightco Holdings Inc.

What they do

Forever 8, acquired in October 2022, funds and manages e-commerce inventory so sellers can hold stock without tying up their own capital; it is the company's only revenue-generating operating segment. Since September 2025 the company has also run a Digital Asset Treasury strategy, holding digital assets and minority strategic investments. Corporate headquarters are in Easton, Pennsylvania, and the stock trades on the Nasdaq Capital Market under ORBS.

Revenue drivers

• Forever 8 inventory funding and management — The sole operating segment and primary revenue source, generating $32,981,126 in fiscal 2025 and $39,621,272 in fiscal 2024.
• Customer concentration in Forever 8 — One customer accounted for approximately 89% of total revenues in fiscal 2025 and 75% in fiscal 2024; the latest 10-Q cites roughly 99% concentration and deterioration in that customer's creditworthiness.
• Digital asset holdings — Approximately $176 million fair value of digital assets as of December 31, 2025, primarily Worldcoin (WLD), Ethereum (ETH) and dollar-denominated stablecoins, measured at fair value through net income under ASU 2023-08.
• Strategic investments in private companies — Minority stakes including OpenAI, Beast Industries and Mythical Games; these are illiquid, and the OpenAI investment is described as approximately 30% of the total treasury position.

Recent performance

Annual revenue fell to $33.0M in 2025 from $39.6M in 2024, and the company reported a 2025 net loss of $262.0M versus net income of $708,539 in 2024. Operating cash flow was negative $11.0M in 2025, versus negative $6.6M in 2024. Quarterly revenue declined through the most recent periods reported: $10.2M in the quarter ended December 31, 2025, $7.6M in the quarter ended March 31, 2026, and $2.1M in the quarter ended June 30, 2026. At June 30, 2026 the balance sheet showed total assets of $407.5M, total liabilities of $13.4M, shareholder equity of $394.5M, and cash and equivalents of $11.0M.

Strategy

Management adopted a Digital Asset Treasury strategy in September 2025, deploying capital into digital assets and frontier technology investments as a core capital allocation element. In September 2025 the company raised $270 million in gross proceeds through a private placement of equity securities and has since raised additional proceeds through an at-the-market equity program. A significant portion of those proceeds was used to acquire digital assets; the company states it is the largest public market participant in the Worldcoin ecosystem, holding approximately 10% of WLD's circulating supply as of December 31, 2025. Management organizes the strategy around consumer, enterprise and gaming authentication and expects digital assets to remain a significant component of long-term capital allocation. The company also discloses plans to remediate a material weakness in internal control over financial reporting and to contain Forever 8's credit exposure.

Risks

• Digital asset price volatility — ASU 2023-08 fair value accounting pushes WLD, ETH and other holdings' price swings directly through net income, contributing to the 2025 net loss and earnings volatility.
• Extreme customer concentration — One Forever 8 customer represented about 89% of fiscal 2025 revenue and roughly 99% in the latest 10-Q, and the company cites significant deterioration in that customer's creditworthiness with resulting bad debt and impairment charges.
• Custody and counterparty risk — Substantially all digital assets are held with a small number of U.S.-based institutional custodians under cold storage, sometimes concentrated with a single custodian, exposing the company to loss, access or transfer-restriction risk.
• Listing and going-concern pressure — The company received a delisting notice or listing-rule failure event on August 7, 2026, and its forward-looking disclosures reference management's assessment of going concern.

Outlook

Management expects digital assets to remain a significant part of its long-term capital allocation framework and continues to fund the strategy through its ATM equity program. It cites expectations about the fair value, liquidity and impairment risk of its digital asset and private-company holdings, and about Forever 8's customer relationships, credit loss estimates and ongoing discussions with its largest customer. The company also flags liquidity and going-concern considerations and its ability to fund operations, alongside plans to remediate its material weakness in internal control.