ZeroStack, a Nasdaq-listed crypto treasury company, has raised concerns about its financial viability, citing substantial doubt over its ability to continue operations in the coming year. The firm’s recent Form 10-Q filing with the US Securities and Exchange Commission (SEC) revealed a cash position of $2.6 million as of June 30, alongside negative working capital of $600,000 and an accumulated deficit of $339.1 million.
The company reported a net loss of $61.3 million for the first half of 2026, driven by an $82.5 million fair value loss on digital assets. It holds 75.1 million Zero Gravity (0G) tokens, valued at $15.2 million, compared to a cost basis of $163.3 million. Staking revenue for the period amounted to $3.8 million, while the sale of 4.9 million 0G tokens generated $2.4 million.
ZeroStack’s management stated it could not confirm that plans to liquidate treasury holdings or rely on staking rewards would alleviate concerns about its financial sustainability. The firm previously expressed confidence in its operations but now faces heightened scrutiny over its capacity to meet obligations.
Written by Sarah Whitmore
Ethereum Desk
