SOS Restricted shareholders accepted steps that might increase the crypto-linked firm’s licensed share pool 100-fold, giving it way more room to lift fairness after it briefly stopped direct mining and ended 2025 with simply $3.2 million in money alongside about $79.1 million in Bitcoin and Ethereum.
A July 27 vote, disclosed July 30, creates capability solely. Any dilution would require SOS to finish the required reorganization and constitution steps after which situation shares beneath phrases it has not disclosed.
A cash-light crypto steadiness sheet
SOS’s newest audited steadiness sheet confirmed money and money equivalents falling from $228.131 million at Dec. 31, 2024, to $3.232 million a 12 months later. At Dec. 31, 2025, it additionally reported 802 Bitcoin valued at about $70.3 million and a couple of,949 Ethereum valued at about $8.8 million.
SOS reported a $97.3 million web loss from persevering with operations for 2025. Direct cryptocurrency-mining income fell from $9.2 million in 2024 to zero after SOS briefly shut that exercise, whereas hosting-service income totaled $7.5 million. It additionally recorded $5.8 million of mining-equipment impairment. At year-end, market-sensitive digital property dominated its reported liquid holdings.
What shareholders licensed
If carried out, the share-capital enhance would take licensed shares from 70 million to 7 billion by creating 5.94 billion further Class A shares and 990 million further Class B shares. SOS’s proxy assertion mentioned the enlarged pool might assist future financings, acquisitions, fairness compensation and different company transactions.
Shareholders individually gave the board two years to implement a number of share consolidations, beginning at 1-for-2 and capped at an combination cumulative ratio of 1-for-20. The board has discretion over whether or not to make use of that authority.
Between SOS’s Might 15 annual report and the July 13 report date, its excellent Class B rely rose by precisely 2 million whereas Class A shares remained unchanged. As a result of Class A shares can’t convert into Class B shares and a shareholder switch wouldn’t alter the excellent whole, the rise factors to a brand new Class B allotment.
SOS filed no transaction-specific disclosure figuring out the recipient, consideration, or goal. Except one of many reported counts is faulty, the two million shares have been issued with out a corresponding public rationalization.
The vote offers SOS a a lot bigger potential financing path whereas its present liquidity stays unclear. Shareholder influence will depend upon whether or not the corporate completes the authorized-capital steps, what number of shares it points, and the value and phrases of any transaction.
Up to date money and crypto disclosures will present how its place has modified since year-end and whether or not the enlarged share pool turns into an lively funding software.
