CIMG Inc., a company that has been stacking Bitcoin, said it may not be able to continue as a going concern, according to its latest quarterly filing. The company held 1,145.4 BTC worth $67.19 million as of June 30, but had only $5,397 in cash and a $7.38 million working-capital deficit.
Cash crunch vs. Bitcoin stash
The numbers tell a stark story. CIMG's loss widened to $10.49 million for the June quarter and $45.36 million for the nine-month period. Operations burned $10.35 million of cash over those nine months. Management's plans to seek equity or debt haven't alleviated doubt about the company's ability to stay afloat.
It's not that the company is ignoring the problem. The filing notes CIMG may monetize its Bitcoin, but warns that volatility and the lack of assured financing make that an uncertain lifeline.
Where the Bitcoin came from
CIMG's holdings grew in stages. The company had 500 BTC as of Sept. 30, 2025, then bought 230 BTC in December for $24.46 million, reaching 730 BTC. In June, it sold 900 million units for $13.5 million payable in BTC at a $65,000 reference price, including warrants exercised.
The 10-Q reports $51.46 million in Bitcoin additions over nine months with no disposals. Inferred from financing, that's roughly 415.4 BTC. All of it sits on the balance sheet, but the company hasn't sold a single coin during that stretch.
Custody without a custodian
Here's the part that might give investors pause. The Bitcoin is self-custodied under a 3-of-3 multisig arrangement, with the CEO, CFO, and a director holding the credentials. There's no third-party custodian, no cold storage arrangement, no insurance, and no independent verification of the holdings.
That means the entire treasury relies on three individuals holding keys. If something happens to any of them, or if the keys are compromised, the company's only real asset could vanish. The filing doesn't sugarcoat it.
CIMG has to find cash somewhere. It could sell some Bitcoin, but the price swings make that a gamble. It could raise equity or debt, but the going-concern warning makes lenders and investors skittish. The company's next quarterly report will show whether it took either path, or found another way.
