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ZeroStack, whose digital-asset treasury is overwhelmingly composed of the AI-focused 0G token, stated that it expects to fund operations primarily by selling staking rewards. However, management could not conclude that these plans would alleviate substantial doubt about the company’s ability to continue as a going concern.
The company’s Form 10-Q, filed on July 31 for the quarter ended June 30, reported $2.6 million in cash, negative working capital of $600,000, an accumulated deficit of $339.1 million, and a net loss of $61.3 million for the first half of 2026. It also recorded an $82.5 million loss from remeasuring digital assets at fair value. This markdown represented an accounting loss rather than a realized cash loss.
As of June 30, ZeroStack held 75.1 million 0G tokens with a recorded cost of $163.33 million and a fair value of $15.17 million. Including a small Bitcoin position, total digital assets had a cost basis of $163.43 million and a fair value of $15.21 million. These figures represent a snapshot as of June 30 and predate a significantly larger 0G acquisition that closed in July.
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Reward sales underpin the liquidity plan
ZeroStack recognized $3.78 million in digital-asset revenue from 6.62 million 0G tokens earned through staking during the first half, net of 1% or 2% validator commissions. It sold 4.94 million tokens from its rewards wallet for $2.4 million in proceeds, while using $2.47 million in cash for operating activities over the same period.
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Management stated that the company expects to fund operations primarily by monetizing staking rewards and may sell some underlying token holdings if needed. ZeroStack noted that its staked tokens remain in company wallets and can be withdrawn at any time, but this does not establish immediate cash availability. The filing also warned that rewards can decline or disappear and that sales depend on token prices and market conditions.
The filing therefore does not establish that this mechanism can fund operations for the year following the issuance of the financial statements. Yet, its precise warning is one of substantial going-concern doubt, rather than a declaration that ZeroStack is insolvent.
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A March 31 Form 8-K described 142,232,948 0G tokens originally contributed to Texas Blocker. After ZeroStack’s acquisition of the company closed on July 20, the 10-Q’s subsequent-events note indicated that ZeroStack received 147,990,763 tokens from Texas Blocker and held 223,773,990 tokens in total, valued at approximately $40.5 million using the July 27 closing price.
The contributed and acquired counts differ by 5,757,815 tokens. Texas Blocker was permitted to stake its holdings before the acquisition closed, but public disclosures do not explicitly attribute that entire difference to staking rewards.
The transaction also carried related-party ties. Texas Blocker was formed by ZeroStack CEO Daniel Reis-Faria and CFO Dany Vaiman, and the filing states that Zero Gravity Labs owned 51% of it as of June 30. ZeroStack Executive Chairman Michael Heinrich was Zero Gravity’s CEO when the ZeroStack transaction closed.
0G traded near 15 cents on August 1, with roughly $6.8 million to $7.5 million in rolling 24-hour volume.
