Crypto treasury firm ZeroStack warns of survival risk amid $82.5M loss
ZeroStack, a Nasdaq-listed crypto treasury company, said there is substantial doubt about its ability to continue as a going concern over the next year, reversing a more optimistic view from earlier filings. As of June 30, it held $2.6 million in cash, had negative working capital of $600,000, and an accumulated deficit of $339.1 million. For the first half of 2026, it reported an $82.5 million fair value loss on digital assets and a net loss of $61.3 million. Its 75.1 million 0G tokens cost $163.3 million but were worth only $15.2 million, about 91% below cost. ZeroStack relies on staking rewards and token sales for operating cash, but management said those sources may not be enough to remove liquidity concerns. It earned $3.8 million from staking and sold nearly 4.9 million tokens for $2.4 million to fund expenses. The company was formerly Flora Growth and recently rebranded after launching a $401 million 0G treasury strategy.
