This $163M crypto stash collapsed to just $15M, forcing ZeroStack to literally stake its survival on token rewards

ZeroStack, whose digital-asset treasury is overwhelmingly composed of the AI-focused 0G token, said it expects to fund operations mainly by selling staking rewards. Management, however, could not conclude that its plans would alleviate substantial doubt about the company's ability to continue as a going concern.The company's Form 10-Q, filed July 31 for the quarter ended June 30, reported $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 loss from remeasuring digital assets at fair value. That markdown was an accounting loss, not a realized cash loss.At June 30, ZeroStack held 75.1 million 0G tokens with a recorded cost of $163.33 million and fair value of $15.17 million. Including a small Bitcoin position, total digital assets had a $163.43 million cost and $15.21 million fair value. Those figures are a June 30 snapshot and predate a much larger 0G acquisition that closed in July.Reward sales underpin the liquidity planZeroStack recognized $3.78 million in digital-asset revenue from 6.62 million 0G tokens earned through staking during the first ...