We find a bearish thesis on Eightco Holdings Inc. in the MELIFINANCE NEWSLETTER Substack. by Meli. In this article we will summarize the bulls’ thesis on ORBS. Eightco Holdings Inc. stock was trading at $11.49 on September 26. ORBS’s trailing P/E was 0.05 according to Yahoo Finance.
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Eightco Holdings Inc. (Nasdaq: ORBS) is a highly speculative and unprofitable company that has repeatedly changed its business model over the past three years, previously operating as Vinco Venture and briefly as Cryptyde, Inc. The company was delisted from Nasdaq in October 2023 due to default, and its current strategy revolves around adopting Worldcoin (WLD) as its primary reserve asset, along with the appointment of Dan Ives, formerly of Wedbush Securities, as president.
This turnaround created an extreme stir, driving the stock from $1.45 to over $80 in a single day, even though the company had negligible cash relative to its $31.8 million debt, negative working capital of $21 million, and operating losses of 15%, with deeply negative ROE and ROIC. Eightco’s balance sheet is loaded with $38 million in related party liabilities, mostly convertible notes, accounts payable and accrued expenses, while the company itself has issued warnings about its ability to continue as a going concern. Its corporate and operational footprint is minimal, and all office leases are on a month-to-month basis, including the expired lease on the headquarters in Easton, Pennsylvania, and offshore coworking spaces, indicating a lack of long-term infrastructure.
Dan Ives’ history of regulatory problems and public controversies, including an SEC settlement over revenue recognition, raises further credibility concerns. The CEO, currently on leave, has already capitalized on the stock’s rise through insider sales, suggesting related party holders could do the same. Although it is currently valued at $118 million following the price surge, Eightco’s tangible net worth is only around $8 million, highlighting that the stock’s recent rise is driven by hype rather than underlying business fundamentals, making ORBS a highly risky speculative play with limited real value.
We previously covered a bearish thesis on Charly AI’s Strategy Incorporated (MSTR) in May 2025, which highlighted the company’s leveraged Bitcoin exposure, deteriorating software operations, high debt levels, negative free cash flow, and fragile balance sheet. The company’s share price has depreciated approximately 19% since our coverage. The thesis still stands, as MSTR remains a high beta crypto proxy. Meli shares a similar view, but emphasizes Eightco Holdings’ speculative pivots, weak balance sheet and hype-driven valuation.