Sono Group's shift to a Bitcoin-heavy treasury has exposed a sharp liquidity gap after the company generated no revenue from continuing operations in the first half of 2026. An Aug. 14 Form 10-Q showed Sono held $166,000 in cash as of June 30, compared with $4.118 million in Bitcoin, making the digital asset a core treasury holding and a potential backstop for liquidity. During the first six months of the year, Sono spent $5 million to buy 68.49 BTC and, after option-related receipts and deliveries, ended June with 69.78 BTC. The company recorded an $890,000 net digital-asset treasury loss for the period. Management also wrote weekly covered calls (selling options against owned assets) on its Bitcoin holdings, generating $93,000 in net option income, though the filing warned that may not be enough to meet obligations. Financial strain extended beyond the crypto strategy: Sono posted a $5.792 million net loss for the half, including a $3.335 million loss from continuing operations, while relying on $7.050 million in net cash from financing activities, including $5.050 million of gross proceeds from four secured convertible debentures and $2 million from a pre-funded warrant. Sono said it plans to seek additional debt or equity capital, but cautioned financing may not be available on acceptable terms, or at all. The filing also listed a partial Bitcoin sale as a possible liquidity measure, without saying one had occurred or when it might happen.