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Here are 1-3 brief analogies for Eightco (ORBS):

• Shopify for e-commerce businesses also needing capital.
• An IAC (InterActiveCorp) for digital economy ventures.
• Square for online businesses.

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• HWY.AI Platform: An AI-driven financial technology platform providing payment processing, treasury management, and blockchain-enabled financial infrastructure solutions for the creator economy.

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Eightco (ORBS) generates its primary revenue through two main activities: Bitcoin mining and providing co-location services for third-party cryptocurrency miners.

Based on the company's financial filings, its largest revenue stream comes from its proprietary Bitcoin mining operations. When Eightco mines Bitcoin, it sells this digital asset into the open market, which means its "customers" are primarily the broad ecosystem of Bitcoin buyers rather than specific contracted entities. Therefore, the company primarily serves the following categories of customers indirectly through cryptocurrency exchanges and over-the-counter (OTC) desks:

• Individual Retail Investors and Traders: Individuals who purchase Bitcoin for investment, speculative trading, or transactional use.
• Institutional Investors and Funds: Financial institutions, such as hedge funds, asset managers, and family offices, that allocate capital to digital assets, including Bitcoin.
• Corporate Treasuries: Businesses that hold Bitcoin as part of their treasury assets or for strategic financial management.

Additionally, Eightco provides co-location services, hosting equipment for other cryptocurrency mining companies. While this represents a business-to-business (B2B) revenue stream, Eightco's public financial filings (such as their 10-K reports with the SEC) do not disclose any specific major customer companies that account for 10% or more of their total revenue. Therefore, no individual corporate customer names can be listed as "major customers" from this segment.

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Kevin O'Donnell, Chief Executive Officer & Board Member

Mr. O'Donnell was appointed interim Chief Executive Officer on August 13, 2025, and also serves as a member of the board of directors. He founded Poptop Partners, LLC, a boutique operating and investment firm focused on small to mid-market companies with an emphasis on the retail sector, in April 2011, and continues to be its Managing Partner. From May 2007 to June 2010, he served as the Founder/President of KOR Capital, LLC, a private equity and consulting firm specializing in turnaround management of mid-market companies. Mr. O'Donnell has also been an early-stage investor across various industries including hospitality, beverage, cannabis, hemp, and technology, and has served on numerous private and public boards.

Brett Vroman, Chief Financial Officer & Principal Accounting Officer

As CFO, Mr. Vroman is responsible for Eightco Holdings' financial operations, including budget development, management, financial statement preparation, and reporting. He is a Certified Public Accountant (inactive) and has prior experience as CFO at a NASDAQ publicly traded company, as well as with BDO USA, LLP and Smart and Associates, LLP. Mr. Vroman was also involved in settlement agreements to reduce company liabilities.

Dan Ives, Chairman of the Board

Mr. Ives is a Managing Director, Senior Equity Research Analyst, and Global Head of Technology Research at Wedbush Securities. He has been a technology analyst on Wall Street for over two decades. He was appointed Chairman of the Board at Eightco Holdings, Inc., to lead its Worldcoin token treasury strategy.

Sheamia Smith, Chief of Staff

Ms. Smith brings over 15 years of experience specializing in streamlining operations, managing cross-functional projects, and supporting executive leadership. Her experience includes working with private equity-backed and publicly traded companies that held subsidiaries across various industries, such as entertainment, finance, technology, construction, and healthcare. As Chief of Staff, she plays a vital role in aligning strategic goals with daily execution.

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1. Concentration Risk and Speculative Nature of Worldcoin Holdings: Eightco's financial stability is heavily tied to the performance and adoption of Worldcoin (WLD), which it holds as its primary reserve asset. This strategy is considered high-risk and high-potential, as Worldcoin faces significant challenges, including regulatory uncertainty regarding biometric data collection and potential privacy concerns.
2. Lack of Clear Path to Profitable Monetization and Weak Profitability: Despite a strong balance sheet bolstered by its Worldcoin holdings, Eightco (ORBS) has not demonstrated a clear strategy for achieving consistent profitability. The company has reported unstable profits, negative margins across various metrics (EBIT, pretax, and overall profit), and its subsidiary's declining revenue and negative margins offer minimal fundamental value.
3. High Price Volatility and Dependence on Market Sentiment: Eightco's stock has shown extreme price volatility with dramatic, temporary surges followed by significant drops. The company trades at a substantial premium to its Net Asset Value (NAV) and has a high price-to-sales ratio, indicating that its valuation is heavily influenced by market sentiment and speculative expectations rather than underlying fundamentals. This makes the company's stock highly susceptible to negative market developments.

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• The Bitcoin halving event, which significantly reduced mining rewards, presents an intensifying threat to profitability for less efficient operations, requiring continuous investment in new, more energy-efficient hardware to remain competitive.
• Increasing global regulatory scrutiny and potential for new legislation targeting cryptocurrency mining operations, including environmental impact, energy consumption, and taxation, which could significantly increase operational costs or restrict activities.
• Rapid technological advancements and escalating competition within the Bitcoin mining industry, which necessitates constant investment in the latest generation of ASIC hardware to prevent rapid obsolescence of existing equipment and maintain competitive hashing power.

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Eightco (NASDAQ: ORBS) is primarily focused on establishing a universal foundation for digital identity, authentication, and Proof of Human (PoH) verification in the AI era, leveraging its INFINITY Authentication platform and a Worldcoin token treasury strategy. The company is positioning itself as an authentication and trust layer for a global digital economy, with applications spanning financial services, gaming, e-commerce, energy, and healthcare.

The addressable markets for Eightco's main products and services are significant:

• Digital Identity and AI Authentication: Eightco's INFINITY Authentication platform, designed for secure, AI-resistant human verification, targets the financial services market, which is estimated to be a $35 trillion market globally. Additionally, crypto treasuries, a sector where Eightco is active through its partnership with Coinbase, are approaching $500 billion in assets under management globally. Eightco aims to onboard 8 billion verified humans, signifying a global addressable market for digital identity.
• Layer-3 Blockchain Infrastructure (Orbs blockchain): The Orbs blockchain, which Eightco leverages, operates as a Layer-3 solution designed for advanced on-chain trading and to enhance decentralized finance (DeFi) and Web3 ecosystems.
  • The overall blockchain market is projected to reach $94 billion by 2025 globally.
  • The DeFi market's total value locked (TVL) was approximately $89 billion as of May 2024 globally.
  • The Layer-3 (L3) market experienced significant growth, with over $500 million in total value locked across various platforms in 2024, and this growth is anticipated to continue into 2025 globally.
  • The market for decentralized applications (dApps) has a 2024 projection of $200 billion in transaction volume globally.

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1. Expansion and Adoption of the INFINITY Authentication Platform: Eightco introduced INFINITY, an authentication platform designed to verify human identity in the AI era. The company is actively expanding its INFINITY pilot program, including a notable collaboration with Coinbase to enhance human verification for the AI Economy. Future growth is anticipated as INFINITY extends its reach into new markets such as Gaming, E-Commerce, Energy, and Healthcare, aiming to establish itself as a foundational layer for digital authentication across various global industries.
2. Growth of the Worldcoin Treasury Strategy: Eightco is pursuing a unique Worldcoin (WLD) treasury strategy, with a stated goal to achieve 800 million Worldcoin tokens for future growth. This initiative involves leveraging blockchain technology to create innovative financial solutions and enhance security, indicating a clear pathway for revenue generation through digital asset strategies.
3. Strategic Investments and Partnerships in AI Authentication and Proof-of-Human (PoH) Technologies: Eightco is committed to driving growth through strategic investments and partnerships that support and develop technology integral to the future of authentication, verification, and Proof of Human (PoH). An example includes a strategic investment in Mythical Games, which aligns with Eightco's mission to establish a universal foundation for digital identity. These collaborations and investments are expected to lead to new product offerings, market expansion, and synergistic revenue streams.
4. Advancement of AI Authentication for the Enterprise Sector: Eightco has initiated a new pilot program specifically focused on advancing AI authentication for enterprises. This program is designed to identify and develop innovative solutions to address the complex identity and verification challenges faced by businesses as they increasingly integrate AI into their operations. This dedicated focus on enterprise-level AI authentication presents a significant opportunity for revenue growth by catering to the evolving security and identity needs of businesses.

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Share Repurchases

• Eightco (ORBS) has indicated a negative buyback yield of -123.87% in the last 12 months, suggesting a net issuance of shares rather than repurchases during this period.

Share Issuance

• The number of shares outstanding for Eightco (ORBS) increased by 123.87% in one year.
• The company conducted a private placement in February 2024, raising approximately $0.71 million.
• Eightco Holdings Inc. implemented two reverse stock splits: a 1:5 split on August 16, 2024, and a 1:50 split on April 3, 2023.

Outbound Investments

• On October 1, 2022, Eightco acquired Forever 8 Fund, LLC, an e-commerce fintech company, shifting the company's primary business focus.
• In November 2024, Eightco entered into an agreement to sell certain assets of Ferguson Containers, a corrugated packaging business, to further align with its strategic focus on Forever 8.
• Eightco Holdings made a strategic investment in Mythical Games as of November 2025.

Capital Expenditures

• Capital expenditures for the last 12 months were reported as $2,847.
• The company's physical assets were valued at approximately $7.6 thousand as of a recent period, indicating minimal capital investment in physical property.