Zero mining revenue, 98% cash collapse, 2 million mysterious shares sets up miner’s 7 billion share survival play
SOS shareholders approved a major expansion of authorized share capital, increasing the pool from 70 million to 7 billion shares if the required reorganization and charter changes are completed. The move creates capacity for future equity financing, acquisitions, compensation, or other transactions, but no dilution occurs unless SOS later issues shares. The company’s liquidity is weak: audited 2025 figures show cash and equivalents fell to $3.2 million from $228.1 million a year earlier, while holdings included about $70.3 million in Bitcoin and $8.8 million in Ethereum. SOS reported a $97.3 million net loss from continuing operations, with mining revenue dropping to zero after it temporarily halted direct mining and hosting revenue totaling $7.5 million. Shareholders also approved a possible 1-for-2 to 1-for-20 share consolidation. Separately, outstanding Class B shares rose by 2 million between filings, without public disclosure of the recipient or purpose.
