💀 Nasdaq treasury firm posts huge loss of $82.5 million! Warns “may not survive”
Even listed companies can’t take it anymore?
In its financial report, crypto treasury firm ZeroStack issued a going-concern risk warning: its cumulative loss totals $82.5 million, and the book value of the 0G tokens it holds is down 91% compared with its cost basis. In other words, the company is almost entirely kept alive by staking income. Put simply, the core business isn’t making money, the assets on its books have shrunk dramatically, and how long it can last depends almost entirely on staking revenue. The company also said it doesn’t rule out the possibility that it may be unable to continue operations. For a listed company, this is an extremely serious signal—at the audit level, it’s nearly equivalent to sounding an alarm.
This isn’t a one-off: Hashdex has just announced it will shut down its smallest Bitcoin ETF. It was set up more than two years ago, never exceeding a size of $18 million, and it directly liquidates by selling BTC. FalconX laid off 10% of staff and withdrew its license application. The tightening signals are traveling from exchanges and miners to treasury firms—indicating that the bear-market purge isn’t over yet and is spreading into more niche areas. For the market, liquidation and contraction are negative in the short term, but they’re also part of the purge process: the ones that can’t make it leave, and what remains is more resilient—often leading to a cleaner distribution of holdings.
💡 In a bear market, “on-paper assets” are the least valuable—paper gains aren’t real money, but unrealized losses are real cash. See through a project’s cash flow and true reserves; that matters ten thousand times more than listening to stories. In the deep winter, surviving longer is more important than making money faster—and the same goes for trading: protect your principal and wait for spring. Remember: the positions that survive the bear market are the launch capital for the bull market.
Welcome to join the group chat and exchange daily strategies together👇
Even listed companies can’t take it anymore?
In its financial report, crypto treasury firm ZeroStack issued a going-concern risk warning: its cumulative loss totals $82.5 million, and the book value of the 0G tokens it holds is down 91% compared with its cost basis. In other words, the company is almost entirely kept alive by staking income. Put simply, the core business isn’t making money, the assets on its books have shrunk dramatically, and how long it can last depends almost entirely on staking revenue. The company also said it doesn’t rule out the possibility that it may be unable to continue operations. For a listed company, this is an extremely serious signal—at the audit level, it’s nearly equivalent to sounding an alarm.
This isn’t a one-off: Hashdex has just announced it will shut down its smallest Bitcoin ETF. It was set up more than two years ago, never exceeding a size of $18 million, and it directly liquidates by selling BTC. FalconX laid off 10% of staff and withdrew its license application. The tightening signals are traveling from exchanges and miners to treasury firms—indicating that the bear-market purge isn’t over yet and is spreading into more niche areas. For the market, liquidation and contraction are negative in the short term, but they’re also part of the purge process: the ones that can’t make it leave, and what remains is more resilient—often leading to a cleaner distribution of holdings.
💡 In a bear market, “on-paper assets” are the least valuable—paper gains aren’t real money, but unrealized losses are real cash. See through a project’s cash flow and true reserves; that matters ten thousand times more than listening to stories. In the deep winter, surviving longer is more important than making money faster—and the same goes for trading: protect your principal and wait for spring. Remember: the positions that survive the bear market are the launch capital for the bull market.
Welcome to join the group chat and exchange daily strategies together👇