Eightco Secures $270M for Worldcoin Treasury as ORBS Ticker Change Sparks 38% Stock Surge

Introduction

EIGHTCO HOLDINGS INC (NASDAQ: ORBS), known in Korean as 에이트코 홀딩스, is a U.S.-based technology holding company focused on acquiring and scaling niche technology businesses. Effective September 11, 2025, the ticker changed from OCTO to ORBS. As of September 18, 2025, the stock closed at $15.05, reflecting a 38.58% increase from the prior session, with a trading volume of 4,617,724 shares.

Corporate Structure and Leadership

Eightco operates through two wholly-owned subsidiaries:

• Forever 8, an inventory-management platform for e-commerce sellers
• Mobile Phone Division, which provides device distribution and support services

The senior management team includes:

• Kevin O’Donnell, Chief Executive Officer and Board Member, with nearly 25 years of experience in strategic growth and financial structuring across multiple industries
• Brett Vroman, Chief Financial Officer, a CPA (inactive) with previous CFO roles at a NASDAQ-listed company and professional experience at BDO USA, LLP

The employee headcount across these subsidiaries has not been publicly disclosed.

Technology Holdings by Vishnu Mohanan

Developments and News

• On September 8, 2025, Eightco announced a $250 million private placement for approximately 171,232,877 shares at a price of $1.46 per share, led by MOZAYYX. Concurrently, BitMine Immersion (BMNR) invested $20 million through the purchase of 13,698,630 shares at the same price. The proceeds are intended to fund the company’s Worldcoin (WLD) treasury strategy, designating WLD as the primary reserve asset.
• The offering is expected to close on or about September 11, 2025, subject to NASDAQ approval. The company's common stock ticker officially changed to ORBS on that date.
• On January 21, 2025, Paul Vassilakos filed a Schedule 13D, disclosing beneficial ownership of 313,296 shares (10.7% of outstanding stock) and receipt of $10.19 million in convertible promissory notes related to the October 1, 2022, acquisition of Forever 8 Fund LLC.

Financial and Strategic Analysis

As of the trailing-twelve-months (TTM) period ended June 30, 2025:

• Revenue: $43.87 million
• Net loss: $9.64 million (–21.42% profit margin)
• Total cash: $0.73 million; debt-to-equity ratio: 374.81%
• Levered free cash flow: –$2.88 million
• Price/Sales: 0.64; Price/Book: 240.54; Beta (5-year monthly): 1.51
• Enterprise value: $2.17 billion; Market cap (intraday): $73.41 million

Strategically, Eightco emphasizes:

1. Revenue-Focused Growth – expanding into new markets and launching products through its subsidiaries
2. SaaS Product Development – utilizing the Forever 8 platform as a service to drive recurring revenue
3. Strategic Acquisitions – targeting technology businesses with untapped potential
4. Monitoring and Adjustment – adapting to market conditions to maintain competitiveness

The recent private placement is aimed at supporting a treasury strategy focused on Worldcoin, which indicates a shift toward digital-asset reserves alongside cash and Ethereum (ETH).

Market Position and Industry Context

Eightco operates within the broader technology and fintech sectors, focusing on enterprise software and hardware distribution. Its inventory management and mobile service platforms compete with specialized B2B SaaS and device support providers. A Price/Sales multiple below 1.0 suggests valuation discipline compared to larger peers, while the negative profit margin indicates ongoing investments. High leverage and limited cash reserves may affect the company's reliance on external funding and capital-raising efforts, exemplified by the September 2025 private placement.

tl;dr

Eightco Holdings closed a $250 million private placement and secured an additional $20 million strategic investment from BitMine Immersion on September 8, 2025, to implement a Worldcoin (WLD) treasury strategy. The offering is set to close around September 11, 2025, concurrently with the Nasdaq ticker change to ORBS. This financing supports Eightco’s strategy for digital-asset reserves while maintaining its focus on growth in SaaS development and strategic acquisitions.