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Eightco Holdings (ORBS) Turns to AI Treasury Portfolio as Operations Falter
Eightco Holdings Inc. (NASDAQ: ORBS), a public company that once specialized in e‑commerce inventory solutions through its subsidiary Forever 8, has shifted its strategic focus toward a treasury portfolio that includes a $90 million indirect stake in OpenAI. The change follows the company’s Q1 2026 report, which showed revenue of $7.6 million against a net loss of $76.1 million, underscoring the decline of its operating business.
On June 3 2026, Eightco disclosed that its total treasury value sits at roughly $437 million. About 21 percent—around $90 million—is tied to OpenAI via special purpose vehicles (SPVs). The remaining holdings comprise 283 million Worldcoin tokens, 11,068 Ethereum (ETH) tokens, $121 million in cash and equivalents, and $25 million invested in Beast Industries equity.
The pivot is reflected in the company’s financial statements. Its 10‑Q filing for Q1 2026 shows a sharp revenue decline compared with the same period in 2025, while operating losses widened. Analysts have dubbed Eightco a “speculative treasury play” rather than an active AI developer, noting that Forever 8’s revenue has not offset losses from treasury activities.
Indirect exposure to OpenAI introduces several risks. The SPV structure that underpins the $90 million stake lacks full transparency, and the company has faced significant dilution in recent equity offerings. In May 2026, OpenAI announced a policy declaring all unauthorized SPV equity transfers void, a move that could reduce the value of holdings like Eightco’s. Reliance on SPVs also exposes investors to regulatory and legal uncertainties surrounding private equity in AI firms.
Nevertheless, some market participants see Eightco’s treasury strategy as a potential “backdoor” to the expected OpenAI IPO. Its holdings in Worldcoin and other crypto assets signal a broader interest in the emerging AI‑token ecosystem, though the company’s financial performance suggests that the treasury portfolio has yet to generate profits.
Analysts have assigned a Hold rating to Eightco, citing the sizeable indirect stake in OpenAI as the main valuation driver while emphasizing the lack of operating traction. The stock has exhibited volatility in response to quarterly earnings releases and changes to treasury holdings.
In short, Eightco Holdings has transitioned from an e‑commerce service provider to a treasury‑focused investment vehicle with significant indirect exposure to OpenAI. The Q1 2026 results spotlight a deteriorating operating business, while the $437 million treasury portfolio remains its primary asset. Key uncertainties revolve around OpenAI’s SPV policy changes, potential equity dilution, and the overall profitability of Eightco’s treasury strategy as the AI sector heads toward a major IPO cycle.
On June 3 2026, Eightco disclosed that its total treasury value sits at roughly $437 million. About 21 percent—around $90 million—is tied to OpenAI via special purpose vehicles (SPVs). The remaining holdings comprise 283 million Worldcoin tokens, 11,068 Ethereum (ETH) tokens, $121 million in cash and equivalents, and $25 million invested in Beast Industries equity.
The pivot is reflected in the company’s financial statements. Its 10‑Q filing for Q1 2026 shows a sharp revenue decline compared with the same period in 2025, while operating losses widened. Analysts have dubbed Eightco a “speculative treasury play” rather than an active AI developer, noting that Forever 8’s revenue has not offset losses from treasury activities.
Indirect exposure to OpenAI introduces several risks. The SPV structure that underpins the $90 million stake lacks full transparency, and the company has faced significant dilution in recent equity offerings. In May 2026, OpenAI announced a policy declaring all unauthorized SPV equity transfers void, a move that could reduce the value of holdings like Eightco’s. Reliance on SPVs also exposes investors to regulatory and legal uncertainties surrounding private equity in AI firms.
Nevertheless, some market participants see Eightco’s treasury strategy as a potential “backdoor” to the expected OpenAI IPO. Its holdings in Worldcoin and other crypto assets signal a broader interest in the emerging AI‑token ecosystem, though the company’s financial performance suggests that the treasury portfolio has yet to generate profits.
Analysts have assigned a Hold rating to Eightco, citing the sizeable indirect stake in OpenAI as the main valuation driver while emphasizing the lack of operating traction. The stock has exhibited volatility in response to quarterly earnings releases and changes to treasury holdings.
In short, Eightco Holdings has transitioned from an e‑commerce service provider to a treasury‑focused investment vehicle with significant indirect exposure to OpenAI. The Q1 2026 results spotlight a deteriorating operating business, while the $437 million treasury portfolio remains its primary asset. Key uncertainties revolve around OpenAI’s SPV policy changes, potential equity dilution, and the overall profitability of Eightco’s treasury strategy as the AI sector heads toward a major IPO cycle.
