Nasdaq-Listed Crypto Firm ZeroStack Warns It May Shut Down Within a Year

Nasdaq-listed crypto treasury company ZeroStack has warned that it may wind down its operations within the next year after reporting significant financial losses and deteriorating liquidity. In its latest Form 10-Q filed with the US Securities and Exchange Commission (SEC), the company disclosed that it held only $2.6 million in cash as of June 30, while its negative working capital stood at $600,000. The filing also revealed accumulated losses of $339.1 million, along with a fair value loss of $82.5 million and a net loss of $61.3 million during the first half of 2026.

A major concern highlighted in the filing is the sharp decline in the value of ZeroStack's 75.1 million Zero Gravity (0G) tokens. Purchased at a total cost of $163.3 million, the holdings are now valued at just $15.2 million, reflecting a 91 percent drop in market value. Although the company earned $3.8 million through staking rewards and generated another $2.4 million by selling nearly 4.9 million tokens, management admitted it cannot guarantee these revenues will be sufficient to sustain operations. The warning marks a sharp reversal from the company's optimistic outlook just three months ago and comes amid a broader wave of crypto firms, including Legend, Carrot, Loopring, and BitMart, shutting down or scaling back operations.