Crypto
Bitcoin Miner MGT Issues 1.65 Billion Shares Amid Financial Struggles
A Bitcoin miner named MGT is struggling to stay alive despite issuing over 1.65 billion shares in an effort to raise capital.
The company reported no revenue for the first half of 2026 and held just $232,000 in cash, with a working-capital deficit of $461,000.
MGT issued shares through equity offerings spanning December 2025 and the first half of 2026, raising a total of $975,000. However, only 800 million of those shares raised $700,000 in cash, while another 100 million settled $262,000 of payables.
The company's primary hosting contract expired in March 2025, and it stopped self-mining at the same time. MGT still has 35 Antminer S19 Pro machines in storage but generated no mining or hosting revenue during the latest six-month period.