MGT Issues 1.65 Billion Shares as Bitcoin Mining Company Struggles with Zero Revenue

Bitcoin mining company MGT (MGTI.US) is facing financial struggles after reporting zero revenue in the first half of 2026. The company issued a massive 1.65 billion new shares to stay afloat, with only $232,000 in cash on hand.

MGT's core hosting contract expired in March 2025, and it sold its mining facility two months later. The company now has 35 idle Antminer S19 Pro units that have generated no revenue since then.

The largest share issuance was used to extinguish $1.22 million in convertible debt, triggering a $2.81 million non-cash loss. MGT cannot guarantee additional financing and its ability to continue as a going concern is uncertain.