ZeroStack faces going‑concern doubts as crypto treasury value collapses

Nasdaq‑listed crypto‑treasury firm ZeroStack filed a Form 10‑Q with the U.S. SEC indicating substantial doubt about its ability to continue operating for the next 12 months. The filing shows the company held $2.6 million in cash, negative working capital of $600,000 and an accumulated deficit of $339.1 million. Its 0G token treasury, originally acquired for $163.3 million, fell to a fair‑value of $15.2 million, a 91 % decline, leaving the balance sheet heavily impaired.

ZeroStack said it now depends on staking rewards and periodic sales of the 0G token to fund operations. CEO Daniel Reis Faria warned that regulatory uncertainty keeps larger institutional investors at bay, and the company could not conclude that its current plans will remove the going‑concern risk.