ORBSNasdaqFinance ServicesUS GAAP · USD

Eightco Holdings Inc.

Eightco Holdings Inc. is a U.S.-listed holding company that has pivoted toward a digital asset treasury model centered on Worldcoin (WLD). Its current business appears to be managing treasury assets, financing, custody, and related strategic relationships rather than operating a traditional product or service franchise.

Revenue33.0m USD
−16.8 %y/y
Operating profit (EBIT)-57.2m USD
−598.4 %y/y
EBIT margin-173.5%
−152.8 ppy/y
Net income-262m USD
−37,079.3 %y/y
Free cash flow-11.0m USD
−65.3 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-100-50050100m USD2022: 32 m USD2022: EBIT -16 m USD20222023: 75 m USD2023: EBIT -11 m USD20232024: 40 m USD2024: EBIT -8.2 m USD20242025: 33 m USD2025: EBIT -57 m USD202533-57
RevenueOperating profit (EBIT)

Business

Share of revenue
Digital asset treasury70 %

Treasury holdings and management of WLD and related digital assets.

Financing and capital markets activities20 %

Equity issuance, PIPE funding, ATM usage, and related treasury financing.

Advisory and strategic agreements10 %

Consulting, board, and strategic advisor arrangements supporting the treasury strategy.

Customers

The company does not appear to sell a conventional operating product to end customers; instead, its economic counterparties are investors, lenders, custodians, brokers, and strategic advisors. Its capital providers and trading counterparties are central because the business model depends on financing, acquiring, and safeguarding digital assets. Any future monetization would likely be tied to treasury management rather than recurring customer demand.

Capital markets investors

Buy equity or warrants to fund the company and gain exposure to its WLD treasury strategy.

Lenders and financing counterparties

Provide debt or structured financing used to support treasury operations and liquidity.

Custodians and trading counterparties

Hold, execute, and settle WLD transactions; critical to asset safety and liquidity.

Strategic advisors and consultants

Support governance, execution, and strategic positioning around the digital asset model.

Strategy

The current strategy is to build and preserve a Worldcoin-focused digital asset treasury, using financing and counterparties to acquire and hold WLD. Management is also establishing the governance and advisory framework needed to execute that strategy, including board, consulting, and financing agreements. The strategy is highly dependent on market access, custody reliability, and the ability to raise capital when digital asset conditions are favorable.

Build a durable WLD treasury positionShort term

The company’s value proposition now depends on holding and managing digital assets effectively.

Maintain financing flexibilityShort term

Access to capital is needed to support treasury operations and absorb volatility.

Strengthen execution and governanceMedium term

The model relies on specialized counterparties and board/advisory oversight to execute safely.

Geography

The company is U.S.-based and appears to operate primarily through U.S. capital markets, U.S.-linked counterparties, and global digital asset venues. Its exposure is less about physical operating locations and more about where financing, custody, and trading infrastructure are located. The reports also reference foreign regulatory developments, which matter because WLD ownership, transferability, and market access can be affected across jurisdictions.

Risks

The business is exposed to extreme digital asset price volatility, which can quickly impair asset values, liquidity, and financing capacity. It also depends on third-party custodians, exchanges, and brokers, so operational failures, insolvencies, or cyber events at counterparties could cause direct asset loss or disrupt execution. Regulatory changes around digital assets and Worldcoin specifically could further limit ownership, transferability, or market access.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Custody and counterparty failure1Liquidity and trading disruption3Regulatory and legal uncertainty4Digital asset treasury volatility2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Custody and counterparty failureImpact: CriticalLikelihood: Medium

    The company relies on third-party custodians and trading venues to safeguard and execute transactions.

    ExposureKrakenCoinbaseFalconXOther counterparties
  2. Digital asset treasury volatilityImpact: HighLikelihood: High

    The company’s balance sheet and strategy are tied to WLD price movements.

    Exposure: WLD holdings and treasury value

  3. Liquidity and trading disruptionImpact: HighLikelihood: Medium

    Illiquid or halted markets could prevent conversion of digital assets into cash when needed.

    Exposure: Digital asset markets and OTC venues

  4. Regulatory and legal uncertaintyImpact: HighLikelihood: Medium

    New laws or enforcement actions could affect WLD ownership, transfer, or use.

    ExposureU.SEUForeign digital asset regulation

Accounting

Judgemental items
Digital asset valuation

WLD price changes can materially affect asset carrying values and earnings volatility.

Impact: Reported results and balance sheet strength

Equity issuance and warrant accounting

PIPE financing, pre-funded warrants, and placement agent warrants affect dilution and equity classification.

Impact: Share count, paid-in capital, and financing costs

Custody and control assessment

Recognition of custodially held WLD depends on legal and control considerations.

Impact: Asset recognition and disclosure

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026