This $163M crypto stash collapsed to just $15M, forcing ZeroStack to literally stake its survival on token rewards
ZeroStack said it expects to fund operations mainly by selling staking rewards from its 0G token treasury, but management could not conclude that this would remove substantial going-concern doubt. The June 30 Form 10-Q showed $2.6 million in cash, negative working capital of $600,000, a $339.1 million accumulated deficit, and a $61.3 million net loss for the first half of 2026. It also recorded an $82.5 million non-cash fair-value markdown on digital assets. At June 30, ZeroStack held 75.1 million 0G tokens and a small Bitcoin position, with total digital assets costing $163.43 million and valued at $15.21 million. The company earned $3.78 million in digital-asset revenue from staking, sold 4.94 million reward tokens for $2.4 million, and spent $2.47 million on operations. The filing says staking rewards and token sales may support liquidity, but prices, rewards, and market conditions are uncertain. A July acquisition later boosted holdings to 223.8 million 0G tokens.
