Eightco Holdings Inc.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Apr 15, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
For the fiscal year ended December 31,2025
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from _____to _____
Commission file number:001-41033
(Exact Name of Registrant as Specified in Its Charter)
| Texas | 87-2755739 |
|---|---|
| (State or Other Jurisdiction | (I.R.S. Employer |
| of Incorporation or Organization) | Identification No.) |
| Easton, PA | 18042 |
|---|---|
| (Address of Principal Executive Offices) | (Zip Code) |
(888) 765-8933
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | ORBS | Nasdaq Capital Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐ Yes ☒No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
☐ Yes ☒No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
|---|---|
| Non-accelerated filer ☒ | Smaller Reporting Company ☒ |
| Emerging Growth Company ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes☒ No
The aggregate market value on June 30, 2025 (the last business day of the Company’s most recently completed second quarter) of the voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of the stock on that date, was approximately $3,775,483. The registrant does not have non-voting common stock outstanding.
As of April 13, 2026, there were 375,775,284 shares of the registrant’s common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None
TABLE OF CONTENTS
| Page Number | ||
|---|---|---|
| PART I | 6 | |
| Item 1. | Business | 6 |
| Item 1A. | Risk Factors | 10 |
| Item 1B. | Unresolved Staff Comments | 28 |
| Item 1C. | Cybersecurity | 28 |
| Item 2. | Properties | 29 |
| Item 3. | Legal Proceedings | 29 |
| Item 4. | Mine Safety Disclosures | 29 |
| PART II | 30 | |
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 30 |
| Item 6. | Reserved | 30 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 43 |
| Item 8. | Financial Statements and Supplementary Data | 44 |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 45 |
| Item 9A. | Controls and Procedures | 45 |
| Item 9B. | Other Information | 45 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 45 |
| PART III | 46 | |
| Item 10. | Directors, Executive Officers and Corporate Governance | 46 |
| Item 11. | Executive Compensation | 53 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 57 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 59 |
| Item 14. | Principal Accounting Fees and Services | 60 |
| PART IV | 61 | |
| Item 15 | Exhibits and Financial Statement Schedules | 61 |
| Signatures | 69 | |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND SUMMARY RISK FACTORS
This Annual Report on Form 10-K for the period ended December 31, 2025 (the “Annual Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to future events including, without limitation, our ability to raise capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking statements by using terminology such as “anticipates,” “believes,” “expects,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predict,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date this Annual Report is filed, and we do not intend to update any of the forward-looking statements after the date this Annual Report is filed to confirm these statements to actual results, unless required by law.
You should not place undue reliance on forward-looking statements. The cautionary statements set forth in this Annual Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things, those risk factors summarized below:
SUMMARY OF OUR RISK FACTORS
Risks Related to Our Digital Asset Treasury Business
| ● | Our Digital Asset Treasury (“DAT”) Strategy exposes us to significant volatility and potential losses, which may materially affect our financial condition and results of operations; |
| ● | We may be unable to liquidate digital assets at favorable prices or in a timely manner due to limited market liquidity or trading halts; |
| ● | Digital asset custody, exchange, and counterparty risks may expose us to loss of assets; |
| ● | The tax treatment of our digital asset holdings is subject to significant uncertainty, and adverse developments could materially increase our tax liabilities; |
| ● | Our treasury portfolio is heavily concentrated in digital assets and private company investments, and this lack of diversification may amplify risks to our financial condition; |
| ● | Our shift toward a Worldcoin-focused treasury strategy requires substantial operational changes and may expose us to significant operational risks; |
| ● | The concentration of our WLD holdings enhances the risks inherent in our Worldcoin-focused strategy; |
| ● | Part of our future strategy may include acquisitions and investments in Worldcoin-focused or blockchain companies, and there are risks associated with integrating any acquired assets or operations; |
| ● | Decentralized finance arrangements may expose us to smart contract failures, operational risks, and cybersecurity threats; |
| ● | If we or our service providers experience a security breach and unauthorized parties obtain access to our private keys, or if our private keys are lost or destroyed, we may lose some or all of our digital assets, materially adversely affecting our financial condition; |
| ● | We face risks relating to the use of third-party trading platforms in connection with our Worldcoin-focused strategy; |
| ● | The irreversibility of digital asset transactions exposes us to risks of theft, loss, and human error; and |
| ● | Our dependence on a strategic advisor exposes us to significant risks regarding the operation of our business. |
Risks Related to Strategic Investments
| ● | Our investments in private companies, including OpenAI and Beast Industries, are illiquid and subject to significant valuation uncertainty, and we may not realize a return on these investments; |
| ● | Our strategic investment portfolio is concentrated in a small number of companies, with our OpenAI investment representing approximately 30% of our total treasury position; |
| ● | We hold minority interests in our strategic portfolio companies and have limited ability to influence their operations, governance, or strategic direction; |
| ● | Our strategic investments expose us to risks distinct from our digital asset holdings, including risks related to business operations, competitive environments, and applicable regulatory frameworks; and |
| ● | We have deployed significant capital into strategic investments and digital assets, and continued pursuit of this strategy may require additional capital raises that could dilute existing stockholders. |
Risks Related to Worldcoin and Cryptocurrency
| ● | Opaque governance, concentrated ownership, and potential conflicts of interest between the World Foundation and Tools for Humanity may adversely affect Worldcoin; |
| ● | The Worldcoin ecosystem has a limited operating history; |
| ● | Worldcoin’s credibility and direction are heavily tied to founder Sam Altman and other key employees; |
| ● | Privacy risks from biometric verification are extensive and may lead to significant barriers to entry; |
| ● | Worldcoin’s proof-of-personhood model, on its own, is likely to not comply with current global KYC/AML requirements in many jurisdictions, including in the US, UK and EU; |
| ● | Disruption to the Ethereum network, including power outages or grid failures, could negatively impact the value of WLD and the operation of financial markets; |
| ● | WLD and other digital assets are novel and subject to significant legal, commercial, regulatory, and technical uncertainty, which could materially adversely affect the Company; |
| ● | If any digital assets we hold are classified as securities, we may be subject to extensive regulation resulting in significant costs or requiring us to cease operations; |
| ● | Classification of our digital assets as commodities could subject us to additional CFTC regulation and significant compliance costs; |
| ● | The lack of legal recourse and insurance for digital assets increases the risk of total loss in the event of theft or destruction; |
| ● | Worldcoin could be subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols; and |
| ● | The growth of competing digital assets, including those backed by governments or financial institutions, could negatively affect the price of WLD and the Company’s securities. |
Risks Related to Forever 8 and its Operations
| ● | Our business depends on our brand reputation, and damage to our reputation or that of our partners could adversely affect our business, financial condition, or results of operations; |
| ● | We are dependent upon consumers’ continued and unimpeded access to the internet, and upon their willingness to use the internet for commerce; and |
| ● | Our results of operations may be adversely affected by changes in foreign currency exchange rates. |
Risks Related to Our Business Generally
| ● | Loss of any or all of our key management personnel may present challenges; |
| ● | Adverse macroeconomic conditions, including inflation, recession, and geopolitical instability, could adversely affect our business; |
| ● | We operate in highly competitive industries and our revenues, profits or market share could be harmed if we are unable to compete effectively; |
| ● | We may not be able to fund capital expenditures, and our business plan may require additional liquidity and capital that might not be available on favorable terms; |
| ● | Cybersecurity risks and data integrity failures could damage our reputation, disrupt operations, or subject us to costs, fines, or lawsuits, and our insurance coverage may not be adequate; |
| ● | We do not intend to pay dividends, and our common stock is subordinate to all future indebtedness and any preferred stock; |
| ● | We are subject to Sarbanes-Oxley internal control requirements, and as an emerging growth and smaller reporting company, we take advantage of certain exemptions that could make our securities less attractive; |
| ● | An active trading market for our common stock may not develop, the trading price is likely to be volatile, and our common stock may be delisted from Nasdaq; |
| ● | Anti-takeover provisions, our ability to issue preferred stock, and future equity issuances could adversely affect holders of our common stock; and |
| ● | Investors are subject to litigation risk and their investments in our common stock may be lost as a result of our legal liabilities or those of our affiliates. |
These and other factors discussed above could cause results to differ materially from those expressed in the estimates made by any independent parties and by us.
TRADEMARKS, SERVICE MARKS AND TRADE NAMES
Solely for convenience, we refer to trademarks in this Annual Report without the ® or the ™ or symbols, but such references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights to our own trademarks. Other service marks, trademarks and trade names referred to in this Annual Report, if any, are the property of their respective owners, although for presentational convenience we may not use the ® or the ™ symbols to identify such trademarks.
OTHER PERTINENT INFORMATION
Unless the context otherwise indicates, when used in this Annual Report, the terms “Eightco,” “ORBS,” “we,” “us,” “our,” the “Company” and similar terms refer to Eightco Holdings Inc., a Texas corporation, and all of our consolidated subsidiaries and variable interest entities.
USE OF MARKET AND INDUSTRY DATA
This Annual Report includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management’s estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Annual Report are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Annual Report or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Also, references in this Annual Report to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Annual Report.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.