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Shares of Eightco Holdings, Inc. (OCTO) soared 40% on Wednesday, hitting a new 52-week high as the company gained significant attention from retail investors.
The technology-focused company, known for its strategic acquisitions and management of tech assets, saw its stock surge following two major updates this week.
On Tuesday, Eightco announced that it had regained compliance with Nasdaq’s minimum bid price requirement, a key milestone for maintaining its listing.
The following day, the company revealed significant improvements to its balance sheet, including the elimination of $5.4 million in convertible notes and an increase of $23 million in shareholder equity.
Operationally, Eightco reported impressive growth for the first half of 2024, with gross profit margins rising to 22%, up from 12% during the same period last year.
Additionally, selling, general, and administrative (SG&A) expenses were reduced by 23%, down to $6.9 million from $9 million.
These financial improvements reflect Eightco’s focused strategy, particularly through its primary subsidiary, Forever 8 Fund LLC, which provides inventory solutions for small to mid-sized e-commerce sellers and supplies refurbished Apple, Inc. (AAPL) products in the UK and Europe.
Looking ahead, Eightco is targeting $100 million in revenue by 2025, with the goal of achieving positive earnings before interest, tax, depreciation, and amortization (EBITDA) at the public company level.
CEO Paul Vassilakos expressed optimism, stating, “With regaining compliance with Nasdaq rules behind us and a significantly improved balance sheet, we believe 2025 has the potential to be our best year since our inception in 2020.”
Retail interest has surged alongside the stock’s rise. On Stocktwits, message volume around OCTO increased by more than 28% on Tuesday, placing the stock among the top 15 tickers with the most new watchers and one of the top 25 most active symbols.
Eightco’s stock has now gained over 37% year-to-date.