Eightco Holdings (ORBS) has captured investor attention after raising $250 million to launch the world’s first corporate Worldcoin (WLD) treasury strategy. Bringing tech analyst Dan Ives on board as chairman adds extra credibility to this shift.

See our latest analysis for Eightco Holdings.

ORBS shares have been on a wild ride, swinging between triple-digit rallies and sharp pullbacks as investors respond to major strategic shifts. From targeted Worldcoin and Ethereum reserves to high-profile institutional backing and a global outreach campaign, the company has seen intense volatility. This year’s share price return of 413.5% and a 1-year total shareholder return of 443.4% speak for themselves. Despite the swings, momentum remains strong, with the company’s vision for digital identity verification driving both speculation and risk appetite.

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With such dramatic price action and ambitious growth targets, the question now is whether ORBS shares still offer upside for new investors or if the market is already factoring in all that future potential.

At a staggering price-to-book ratio of 286.7x compared to the industry average of just 2.1x, Eightco Holdings trades at a level that sharply diverges from sector norms. With shares last closing at $10.27, investors are clearly pricing in expectations that reach well beyond standard packaging peer valuation benchmarks.

The price-to-book ratio compares a company’s market value to its book value, helping to gauge how much shareholders are willing to pay for each dollar of net assets. In traditional packaging and materials sectors, this ratio is usually in single digits. At this extreme level, the market is either betting big on Eightco Holdings’ digital asset strategy or is currently overestimating the company’s future profits and market influence.

This valuation stands far above not only the US packaging industry average but also the wider peer group benchmark of 2.3x. Such a gap signals that investors are ascribing immense intangible value, possibly linked to growth ambitions in digital identity, rather than fundamentals. Unless future earnings catch up dramatically, this multiple looks hard to justify.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 286.7x (OVERVALUED)

However, lingering losses and a lack of demonstrated revenue growth could quickly challenge investor optimism if momentum stalls or if digital identity adoption disappoints.