Zero mining revenue, 98% cash collapse, 2 million mysterious shares sets up miner’s 7 billion share survival play

SOS Limited shareholders approved steps that could expand the crypto-linked company’s authorized share pool 100-fold, giving it far more room to raise equity after it temporarily stopped direct mining and ended 2025 with just $3.2 million in cash alongside about $79.1 million in Bitcoin and Ethereum.

A July 27 vote, disclosed July 30, creates capacity only. Any dilution would require SOS to complete the required reorganization and charter steps and then issue shares under terms it has not disclosed.

A cash-light crypto balance sheet

SOS’s latest audited balance sheet showed cash and cash equivalents falling from $228.131 million at Dec. 31, 2024, to $3.232 million a year later. At Dec. 31, 2025, it also reported 802 Bitcoin valued at about $70.3 million and 2,949 Ethereum valued at about $8.8 million.

SOS reported a $97.3 million net loss from continuing operations for 2025. Direct cryptocurrency-mining revenue fell from $9.2 million in 2024 to zero after SOS temporarily shut that activity, while hosting-service revenue totaled $7.5 million. It also recorded $5.8 million of mining-equipment impairment. At year-end, market-sensitive digital assets dominated its reported liquid holdings.

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What shareholders authorized

If implemented, the share-capital increase would take authorized shares from 70 million to 7 billion by creating 5.94 billion additional Class A shares and 990 million additional Class B shares. SOS’s proxy statement said the enlarged pool could support future financings, acquisitions, equity compensation and other corporate transactions.

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Shareholders separately gave the board two years to implement one or more share consolidations, starting at 1-for-2 and capped at an aggregate cumulative ratio of 1-for-20. The board has discretion over whether to use that authority.

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Between SOS’s May 15 annual report and the July 13 record date, its outstanding Class B count rose by exactly 2 million while Class A shares remained unchanged. Because Class A shares cannot convert into Class B shares and a shareholder transfer would not alter the outstanding total, the increase points to a new Class B allotment.

SOS filed no transaction-specific disclosure identifying the recipient, consideration, or purpose. Unless one of the reported counts is erroneous, the 2 million shares were issued without a corresponding public explanation.

The vote gives SOS a much larger potential financing path while its current liquidity remains unclear. Shareholder impact will depend on whether the company completes the authorized-capital steps, how many shares it issues, and the price and terms of any transaction.

Updated cash and crypto disclosures will show how its position has changed since year-end and whether the enlarged share pool becomes an active funding tool.

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