Eightco Holdings Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for open questions, not a view on the stock price. A substance risk as our rating defines it is not documented as of June 30, 2026: stockholders’ equity of $394.1 million is clearly positive, liabilities are small, about $148.8 million sits in cash and near-cash assets, cash burn is low, and management sees no going-concern doubt. The Nasdaq notice stems from the share price alone, not from the balance sheet. What is open is almost everything that drives the value: it depends to a large extent on the price of Worldcoin, the biggest single position, which has lost 64 percent since it was bought, and on two private stakes with no market price; the only operating business is slumping, internal controls carry a material weakness, and two fees of 1 percent each run regardless of results. Whether the stock at $1.16 (October 2, 2026) costs more or less than its vault is not something this rating answers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Eightco is mainly a crypto vault with three private stakes and a solid, nearly debt-free balance sheet. Against that stand a 64 percent paper loss on its biggest single position, Worldcoin, more than 170 times as many shares as 18 months earlier, two management fees of 1 percent each and an operating business whose revenue is slumping. Not investment advice.
Balance sheet
Stockholders’ equity $394.1M, liabilities $13.4M, about $148.8M in cash, government securities, funds and stablecoins (06/30/2026); no going-concern doubt per the 10-Q.
Worldcoin position
$322.7M cost basis, $115.1M fair value as of 06/30/2026 (−64%); per the 10-K, only 32% of tokens were in circulation as of April 2026.
Dilution
Share count from 2.5M (01/01/2025) to 429.8M (06/30/2026); up to 10B shares authorized since 02/02/2026.
Fees and governance
1% p.a. each to Worldcoin Tower and ARK, $850,000 in cash for Tom Lee; material weakness not remediated as of 06/30/2026.
Operating business
Forever 8 depends 99% on one customer that disposed of $5.2M in financed inventory without authorization; Q2 2026 revenue $2.1M versus $7.6M.
Capital return
Buyback of “over 26 million” shares in Q3 2026, mostly at closing prices below a dollar, after selling at an average of about $1.03 in the first half.
Worth Noting
Version of October 3, 2026, based on the 2025 annual report on Form 10-K, the quarterly reports on Form 10-Q for the periods ended 03/31/2026 and 06/30/2026 (latest periodic report, filed 08/07/2026), the current reports on Form 8-K through 09/17/2026 including press releases, and the registration statement S-3 of 08/27/2026. The trigger was the Reddit hype scanner (run of 10/03/2026), not a hit in the fundamentals screen.
Not to be confused: Eightco Holdings (ORBS) was called Cryptyde, Inc. until 2023 and traded as OCTO until September 2025; “Forever 8 Fund” is a subsidiary, not a former name. The data feed still lists the industry as packaging — the packaging unit was sold in April 2025.
The price anchor is the closing price of $1.16 on 10/02/2026 (source: fundamental data); last price stated in a filing: $0.80 on 08/26/2026 (S-3). The market value from fundamental data ($498.5M) uses 429.8M shares before the buybacks and was not used; market value and holdings per share are computed in-house, and the 09/16/2026 holdings come from a press release and are unaudited.
Stock Watch
This analysis is as of October 3, 2026. Stock Watch will tell you what's changed at ORBS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.577 $ to 3.40 $ · Last price: 0.6734 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/13/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Asset Management
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Eightco Holdings Inc. ORBS | 0.3 | – | 199.3 | -4.8 | -319.0 | -16.8 | -79.9 |
| BlackRock Inc BLK | 205.2 | 30.0 | 15.2 | 48.3 | 35.6 | 18.7 | 13.6 |
| Blackstone Group Inc BX | 148.7 | 30.5 | 15.7 | 100.0 | 38.0 | 21.6 | -14.5 |
| KKR & Co. Inc. KKR | 93.9 | 32.6 | 1.1 | 55.3 | 11.0 | -11.0 | -17.0 |
| Brookfield Asset Management Ltd. BAM | 82.6 | 32.7 | 20.3 | 74.4 | 64.5 | 15.8 | 1.0 |
| Apollo Global Management, Inc. APO | 72.5 | 76.2 | 7.9 | 26.5 | 13.5 | 16.0 | -5.9 |
| State Street Corp STT | 48.3 | 17.3 | 0.0 | 100.0 | 27.8 | 3.0 | 49.3 |
| Ameriprise Financial Inc AMP | 46.7 | 12.8 | 0.0 | 54.6 | 37.2 | 9.6 | 13.3 |
| Ares Management LP ARES | 45.8 | 60.9 | 23.3 | 100.0 | 18.4 | 66.6 | -6.2 |
| Median of companies shown | 72.5 | 31.5 | 15.2 | 55.3 | 27.8 | 15.8 | -5.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 8 | 0 | 0 | 0.18 | 0 | 2 | 14 |
| 2022 | 32 | -16 | -47 | -150.95 | -17 | 6 | 59 |
| 2023 | 68 | -11 | -68 | -23.63 | -6 | -4 | 55 |
| 2024 | 40 | -8 | 1 | 0.36 | -7 | 12 | 51 |
| 2025 | 33 | -23 | -262 | -4.14 | -11 | 233 | 250 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -0.87 | -161.40 | 10 | 24.60 | -25.70 | 1 | 1 |
| 2025: Q2 | -0.38 | -117.70 | 8 | 43.40 | -15.40 | -1 | -1 |
| 2025: Q3 | -0.58 | 67.20 | 5 | -30.90 | -487.60 | -2 | -307 |
| 2025: Q4 | -1.13 | -11.90 | 10 | -33.50 | -2,281.60 | -10 | -10 |
| 2026: Q1 | -0.32 | 63.60 | 8 | -23.70 | -1,006.80 | -5 | -5 |
| 2026: Q2 | -0.01 | 97.40 | 2 | -72.70 | 855.80 | -5 | -71 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Eightco verdient kein Geld mit KI und belegt keinen eigenen KI-Einsatz; der Geschäftsbericht 2025 nennt aber KI ausdrücklich als Risiko für das eigene Modell: Fortschritte bei KI könnten konkurrierende Protokolle beschleunigen und Worldcoin, den Hauptreservewert des Tresors, technisch veralten lassen — mit direkter Folge für den Wert der WLD-Bestände und den Aktienkurs. Die indirekte OpenAI-Beteiligung ist eine Finanzanlage, keine KI-Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„Worldcoin could be subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols."
Worldcoin könnte technisch veralten, unter anderem durch die Konkurrenz neu entstehender Blockchain- und KI-Protokolle.
10-K · 2026-04-15 · View SEC filing
„Advancements in AI and blockchain technology are likely to accelerate the development of competing entities, including the development of networks that natively integrate AI into consensus mechanisms and other core features."
Fortschritte bei KI und Blockchain-Technologie dürften die Entwicklung konkurrierender Anbieter beschleunigen, darunter Netzwerke, die KI von Grund auf in ihre Konsensmechanismen und andere Kernfunktionen einbauen.
10-K · 2026-04-15 · View SEC filing
„The decline in the Worldcoin network would materially impact the market value of WLD and adversely affect the value of our WLD treasury holdings and our stock price."
Ein Niedergang des Worldcoin-Netzwerks würde den Marktwert von WLD erheblich beeinträchtigen und sich nachteilig auf den Wert unserer WLD-Treasury-Bestände und unseren Aktienkurs auswirken.
10-K · 2026-04-15 · View SEC filing
Filings Reviewed: 10-Q 2026-08-07 · 10-Q 2026-05-15 · 10-K 2026-04-15 · 10-Q 2025-11-14 · 10-Q 2025-08-19 · 10-K 2025-04-15
Rated on October 3, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.2%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 486.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -50.0%
- Gross margin at 40% or higher and without meaningful erosion 1.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 48 m net cash
- Operating cash flow covers the profits of the last three years 306 m
- Return on capital at 15% or higher, or up versus two years ago -10.1%
- Insiders hold at least 10% or are net buyers 51.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 43.1%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -112.6%
- ROCE > 15% -10.1%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | O'Donnell Kevin J | CEO | Buy | 50,000 | 0.8077 | 40,385 |
The company
About the Company
Eightco Holdings Inc. (früher Cryptyde, Inc.) hält seit September 2025 vor allem Worldcoin (WLD), Ether und Stablecoins als Treasury-Reserve sowie Minderheitsbeteiligungen an OpenAI (indirekt), Beast Industries und Mythical Games. Einzige operative Sparte ist Forever 8, die Lagerbestände für Onlinehändler vorfinanziert. Sitz: Easton, Pennsylvania.
- Employees
- 9
- Headquarters
- Easton, PA
- Address
- 101 Larry Holmes Dr., 18042 Easton, United States
- Phone
- 888 765 8933
- Website
- 8co.holdings
- IPO Date
- 06/30/2022
- ISIN
- US22890A3023
- Stock Split
- 1:5 on 08/16/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Kevin J. O'Donnell | Executive Chairman & CEO | 1976 |
| Brett Earl-James Vroman | Chief Financial Officer | 1980 |
| Sheamia Smith | Chief of Staff | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/29/2026 Eightco Holdings Inc. (ORBS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/13/2026 Eightco Holdings Inc. (ORBS): Other Events; Financial Statements and Exhibits SEC ↗
- 09/17/2026 Eightco Holdings Inc. (ORBS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/03/2026 Eightco Holdings Inc. (ORBS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/20/2026 Eightco Holdings Inc. (ORBS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.