Bitcoin Miner MGT Prints 1.65 Billion Shares Amid Financial Struggles

MGT, an inactive Bitcoin miner, has issued approximately 1.65 billion new shares to stay operational as it faces financial struggles.

The company's primary hosting contract expired in March 2025 and its self-mining operations ceased at the same time. Despite having 35 Antminer S19 Pro machines in storage, MGT generated no mining or hosting revenue during the first half of 2026.

MGT's cash reserves stood at $232,000 as of June 30, 2026, with current liabilities totaling $693,000 and a working-capital deficit of $461,000. The company reported a net loss of $2.96 million for the period and recorded a non-cash loss on debt extinguishment of $2.81 million.

MGT issued shares through various transactions, including an exchange that retired a $1.22 million secured convertible note. This transaction resulted in a significant non-cash loss but also led to the issuance of 750.1 million common shares and 3.25 million Series E convertible preferred shares. The company has yet to secure additional capital or revenue-producing business opportunities, raising substantial doubt about its ability to sustain operations for at least one year.