This public company quit solar for a $5 million Bitcoin bet, now it has just $166,000 in cash
From solar panels to satoshis
Once a player in solar energy, the company spun off that arm and essentially hit the pause button on operating revenue. Instead of selling panels, it spent $5 million buying Bitcoin — roughly 68.5 BTC — and ended the first half of 2026 holding about 69.78 BTC after some option-related moves. Those coins were valued at roughly $4.12 million on the balance sheet, while cash in the bank sat at a tiny $166,000 as of June 30. In short: Bitcoin is now the headline act on the company’s balance sheet.
Crunch time: losses, option tricks, and the options for survival
The bet hasn’t paid off neatly. The company booked about an $890,000 net loss on its digital-asset stash for the six-month period. To squeeze extra liquidity from the crypto pile, management has been writing covered calls on its Bitcoin every week — a strategy that earned roughly $93,000 of net option income in the first half, but the filing cautions that those premiums may not cover the company’s obligations if things go sideways.
On the wider financial front the report shows a $5.792 million net loss for the half, including a $3.335 million shortfall from continuing operations. To keep the lights on the company leaned on external financing: about $7.05 million of cash came from financing activities in H1, made up of roughly $5.05 million from four secured convertible debentures and $2 million from a pre-funded warrant. The balance sheet lists convertible notes payable of about $5.049 million net versus $5.05 million gross principal, reflecting accounting for discounts and embedded conversion features.
Despite those financings, the filing flags going-concern risk. Management says it will hunt for more debt or equity, but admits fresh funding may not be available on friendly terms — or at all. One obvious lever is selling some Bitcoin, which the company lists as a possible way to shore up cash, though no sale is reported yet.
Bottom line: with no continuing-operations revenue and just $166,000 in cash at the end of June, the Bitcoin reserve is no longer just an investment—it’s a potential lifeline. If the crypto market cooperates, the company might ride this out; if not, that $5 million gamble could turn into a very stressful episode in corporate finance. Either way, it’s a dramatic pivot from solar rooftops to crypto roll of the dice.
