Eightco Holdings
ORBS on Nasdaq. Eightco Holdings sells inventory funding and management services to e-commerce sellers. Market value $464m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -214 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.15.
Profit per $100 you pay: $-69.52.
Quality score: 41 of 100. Price score: 46 of 100. Our list needs 70 on quality and 60 on price.
$1.06 a share, 87% above its 1-year low
Over the past year the price has ranged from $0.57 to $12.95.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $32m | $68m | $40m | $33m |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.00bn | 0.00bn | 0.20bn | 0.43bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 1.2% a year
- Buying back its own sharesNo, 9812% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 million last quarter, down 73% on a year ago.
- Profit: $18 million, after a loss of $1 million a year ago.
- 13002% more shares than a year ago. Each share owns a bit less of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6m |
| December 2024 | $20m |
| March 2025 | $10m |
| June 2025 | $8m |
| September 2025 | $5m |
| December 2025 | $10m |
| March 2026 | $8m |
| June 2026 | $2m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | -$3m |
| March 2025 | -$3m |
| June 2025 | -$1m |
| September 2025 | -$26m |
| December 2025 | -$232m |
| March 2026 | -$76m |
| June 2026 | $18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 15 April 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 138 funds in all.
- Oasis ManagementSeth Fischer
- Value
- $1m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Oasis ManagementSeth Fischer | $1m | 0.2% |
Largest holders overall
- Franklin Resources$17mNew
- Mozayyx Management$11m
- FMR$10mNew
- Alyeska Investment Group, L.P.$10mCut
- Pantera Capital Partners LP$8m
- Renaissance Technologies$4mAdded
- BlackRock$4mAdded
- BIT Capital GmbH$4mNew
- Geode Capital Management$3mAdded
- Vanguard Capital Management$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- BITMINE IMMERSION TECHNOLOGIES, INC.Passive investor31.9%+24.4 ptsSince 10 March 2026
What they said
The information in Items 3, 5 and 6 of this Schedule 13D is incorporated herein by reference. The Common Stock reported herein was acquired for investment purposes. The Reporting Person may make additional purchases of the Issuer's securities depending on the Issuer's business,…
Read the filing - Paul VassilakosInsider or founder10.7%Since 20 January 2025
What they said
Investment Purposes. Mr. Vassilakos currently serves as the Executive Chairman and Chief Executive Officer of the Issuer. As a director and officer of the Issuer, Mr. Vassilakos may have influence over the corporate activities of the Issuer, including the activities which may…
Read the filing - MOZAYYX UGP, LLCPassive investorat least 10.0%(filed with 2 related holders)Since 9 September 2025
What they said
The information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired beneficial ownership of the Common Stock and Strategic Advisor Warrants as part of the transactions described in…
Read the filing - World Assets, Ltd.Passive investorat least 9.1%(filed with 1 related holder)Since 10 September 2025
What they said
The purpose of the Reporting Persons' investment in the Issuer is to support the growth and development of the World Network Community and to participate as a stockholder in the Issuer. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.…
Read the filing - Alpha One Asset Management, LLCPassive investor6.4%Since 9 September 2025
- GAMA DAT VI SPV, LLCPassive investorat least 6.4%(filed with 2 related holders)Since 9 September 2025
- Pantera Capital Partners LPPassive investorat least 6.2%(filed with 1 related holder)Since 30 September 2025
- CoinFund Management LLCPassive investorat least 6.1%−3.8 pts(filed with 8 related holders)Since 31 March 2026
- Alyeska Investment Group, L.P.Passive investorat least 4.3%−2.4 pts(filed with 2 related holders)Since 31 March 2026
- Payward, Inc.Passive investorSold down below 5%Since 17 March 2026
- CoinFund Management LLCPassive investorSold down below 5%Since 30 June 2026
- Discovery Capital Management, LLCPassive investorSold down below 5%Since 31 March 2026
- Wedbush Alpha One ORBS T1, LLCPassive investorSold down below 5%Since 10 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BITMINE IMMERSION TECHNOLOGIES, INC. Passive investor | 31.9%+24.4 pts | 10 March 2026 | What they saidThe information in Items 3, 5 and 6 of this Schedule 13D is incorporated herein by reference. The Common Stock reported herein was acquired for investment purposes. The Reporting Person may make additional purchases of the Issuer's securities depending on the Issuer's business,… Read the filing |
Paul Vassilakos Insider or founder | 10.7% | 20 January 2025 | What they saidInvestment Purposes. Mr. Vassilakos currently serves as the Executive Chairman and Chief Executive Officer of the Issuer. As a director and officer of the Issuer, Mr. Vassilakos may have influence over the corporate activities of the Issuer, including the activities which may… Read the filing |
MOZAYYX UGP, LLC Passive investor | at least 10.0% (filed with 2 related holders) | 9 September 2025 | What they saidThe information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired beneficial ownership of the Common Stock and Strategic Advisor Warrants as part of the transactions described in… Read the filing |
World Assets, Ltd. Passive investor | at least 9.1% (filed with 1 related holder) | 10 September 2025 | What they saidThe purpose of the Reporting Persons' investment in the Issuer is to support the growth and development of the World Network Community and to participate as a stockholder in the Issuer. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.… Read the filing |
Alpha One Asset Management, LLC Passive investor | 6.4% | 9 September 2025 | |
GAMA DAT VI SPV, LLC Passive investor | at least 6.4% (filed with 2 related holders) | 9 September 2025 | |
Pantera Capital Partners LP Passive investor | at least 6.2% (filed with 1 related holder) | 30 September 2025 | |
CoinFund Management LLC Passive investor | at least 6.1%−3.8 pts (filed with 8 related holders) | 31 March 2026 | |
Alyeska Investment Group, L.P. Passive investor | at least 4.3%−2.4 pts (filed with 2 related holders) | 31 March 2026 | |
Payward, Inc. Passive investor | Sold down below 5% | 17 March 2026 | |
CoinFund Management LLC Passive investor | Sold down below 5% | 30 June 2026 | |
Discovery Capital Management, LLC Passive investor | Sold down below 5% | 31 March 2026 | |
Wedbush Alpha One ORBS T1, LLC Passive investor | Sold down below 5% | 10 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $224,385 of shares on the open market.
- O'Donnell Kevin JCEO, DirectorBought
- Date
- 28 August 2026
- Shares
- 50,000
- Price
- $0.81
- Value
- $40,385
- O'Donnell Kevin JCEO, DirectorBought
- Date
- 11 June 2026
- Shares
- 200,000
- Price
- $0.92
- Value
- $184,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | O'Donnell Kevin J CEO, Director | Bought | 50,000 | $0.81 | $40,385 |
| 11 June 2026 | O'Donnell Kevin J CEO, Director | Bought | 200,000 | $0.92 | $184,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Eightco Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Apr 2026, plus the 10-Q filed 7 Aug 2026 and 22 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Management has concluded that the material weakness described above currently exists as of June 30, 2026.”
Show the full paragraph
Management has concluded that the material weakness described above currently exists as of June 30, 2026. We continue to remediate the material weakness identified as of December 31, 2025, which persisted at June 30, 2026. During Q4 2025 and into 2026 we are: (i) augmenting accounting resources (including SEC reporting and technical accounting) to improve the timeliness and quality of period-end close; (ii) formalizing and documenting key controls over the financial close, including reconciliations, review controls, and segregation of duties; (iii) implementing enhanced IT-dependent manual controls to support completeness and accuracy of reports used in controls; and (iv) plan to engage external advisors during the third or fourth quarter of 2026 to assist with the design, implementation, and testing of internal controls.
From the 10-Q filed 7 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 89% last year. Losing that customer would hurt.
“Forever 8’s revenue base is highly concentrated, with one customer representing approximately 89% and 75% of total revenues for the fiscal years ended December 31, 2025 and 2024, respectively.”
From the 10-K filed 15 April 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.2% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.