Harbor AlphaEdge Mid Cap Core ETF

What they do

CBLO is a development-stage entity focused on building infrastructure intended to support future cryptocurrency mining operations and related digital asset activities, but it does not yet conduct mining. Its primary current activity is maintaining a digital asset treasury of DOG Coin, a Bitcoin-native Runes token distinct from Dogecoin, as well as evaluating potential digital asset opportunities. The company also generated limited revenue during the quarter ended March 31, 2026 from sales of DOG-themed collectible silver medallions, a limited investor and community engagement initiative. It previously explored an AI-powered crypto chatbot, but that project has been paused or ceased.

Revenue drivers

• Collectible silver medallion sales — For the three months ended March 31, 2026, the company generated $17,523 in revenue entirely from sales of DOG-themed collectible silver medallions, with cost of sales of $8,162 and gross profit of $9,361. Management does not expect these merchandise activities to continue as a material ongoing business operation.
• Staking rewards — For the fiscal year ended June 30, 2025, the company generated $185 in revenue from staking rewards, solely earned from holding and staking Cardano (ADA) tokens. The company did not hold any DOG tokens during that period, so no staking rewards were generated from DOG.
• Future cryptocurrency mining — Cryptocurrency mining operations have not commenced, and no mining operations were active during the quarter ended March 31, 2026. The company continues to evaluate potential mining-related initiatives, but has no revenue from mining to date.
• Digital asset treasury — The company maintains a digital asset treasury of approximately 400,166,828 DOG Coins as of September 4, 2025, with a carrying value of approximately $661,192 as of March 31, 2026. This treasury does not currently generate revenue, but the company evaluates digital asset-related opportunities.

Recent performance

For the three months ended March 31, 2026, the company generated total revenue of $17,523 compared to $13 for the three months ended March 31, 2025, with revenue consisting entirely of collectible silver medallion sales. Gross profit for the quarter was $9,361 compared to $13 in the prior-year period. Total operating expenses were $19,316,202 for the three months ended March 31, 2026, compared to $100,624 for the three months ended March 31, 2025, driven primarily by stock-based compensation, consulting, professional fees, and digital asset activities. For the fiscal year ended June 30, 2025, the company reported a net loss of $235,265 compared to a net loss of $30,020 for fiscal 2024, with operating expenses of $222,780. As of March 31, 2026, the company had total assets of $676,065, total liabilities of $889,375, and a stockholders' deficit of $213,310.

Strategy

Management's stated direction is to build infrastructure intended to support future cryptocurrency mining operations and related digital asset activities, though no mining operations have commenced. The company maintains a digital asset treasury of DOG Coin and has initiated efforts to explore integrating artificial intelligence into its prospective infrastructure, including cryptocurrency mining analytics and decentralized AI. It entered a non-binding Shareholder Agreement with CoinEdge Inc. in March 2025 outlining intent to invest $100,000 for a 10% equity stake, and a non-binding Letter of Intent with A.R.T. Digital Holdings Corp. in July 2025 regarding a potential acquisition of a 20% equity interest in the McAllen Project. The company has not funded or consummated these or any other non-binding agreements. It has relied on equity sales and related-party contributions to fund operations, including $223,000 in common stock sales and $50,000 in proceeds for shares payable during fiscal 2025.

Risks

• Going concern doubt — The company has incurred recurring losses since inception, had an accumulated deficit of $298,184 as of June 30, 2025, and minimal cash, raising substantial doubt about its ability to continue as a going concern for the next twelve months.
• No mining operations or revenue — Cryptocurrency mining operations have not commenced, and the company has generated no material revenue except for negligible staking rewards and limited collectible medallion sales, so its business model remains unproven.
• Cryptocurrency price volatility — A significant portion of the company's assets is held in cryptocurrency, including approximately $661,192 in DOG Coin as of March 31, 2026, and future changes in value may materially affect liquidity, stockholders' equity, and results.
• Reliance on sole officer and related-party financing — The company has one officer and director, Levi Jacobson, who directs all business activities, financing decisions, and digital asset acquisitions, and the company depends on equity financing or related-party contributions to sustain operations.

Outlook

Management states that the company will require additional funding, likely through equity financing or related-party contributions, to sustain operations and pursue its proposed cryptocurrency mining operations. There is no assurance that such funding will be available on acceptable terms or at all. The company expects to continue incurring losses until it commences profitable cryptocurrency mining operations or other revenue-generating activities. Management does not currently expect the collectible silver medallion merchandise activities to continue as a material ongoing business operation.