ZeroStack, a crypto-treasury company, has officially notified the U.S. Securities and Exchange Commission (SEC) that there are significant doubts about its ability to continue operating over the next twelve months. According to quarterly reports as of June 30, 2026, the organization has only $2.6 million of available funds, while its working capital is negative and amounts to minus $0.6 million. The accumulated deficit reached a critical level of $339.1 million, and the net loss for the first half of this year was recorded at $61.3 million. The main catalyst for the deterioration of the financial situation was a sharp drop in the market value of digital assets, which led to the recognition of a loss from the fair value revaluation in the amount of $82.5 million.

The foundation of ZeroStack's treasury strategy is based on the retention of 75.1 million native 0G tokens of the Zero Gravity blockchain, focused on a decentralized artificial intelligence infrastructure. It was assumed that the staking of these coins and the subsequent realization of the rewards received would cover the operating costs. During the reporting period, the company received 6.62 million 0G tokens, equivalent to $3.8 million after deducting validator fees, and sold 4.94 million units worth $2.4 million. However, the initial cost of acquiring these assets in the amount of $163.3 million collapsed to a fair valuation of only $15.2 million. Taking into account the insignificant position in bitcoin, the total fair value of the company's digital portfolio decreased to $15.218 million against the historical acquisition value of $163.432 million.

ZeroStack management recognizes that the current dependence on the monetization of staking rewards and the potential sale of underlying assets does not guarantee the elimination of insolvency risks, since the liquidity of these sources directly depends on the volatility of the market price of the 0G token. Despite the tightening of the assessment of the financial condition compared to the previous quarter, the financial statements were prepared based on the principle of business continuity without adjustments to the liquidation value. Notably, on July 20, the organization completed the takeover of Texas Blocker Corp., adding another 148 million 0G tokens to the treasury. As a result, the total volume of assets held reached 223 million units, almost all of which were allocated to staking to generate regular income.