MGT Issues 1.65 Billion Shares as Mining Revenue Plummets
Bitcoin miner MGT has been struggling to stay afloat, and its financial woes have just deepened. According to its latest quarterly filing, the company issued about 1.65 billion new shares by August 6th, bringing its outstanding common shares to 6.29 billion.
This massive increase in share count represents a 35.6% jump from the end of 2025 and comes as MGT reported no revenue for the first half of 2026. The company's cash reserves have dwindled to just $232,000, with its mining revenue plummeting to zero.
MGT's primary hosting contract expired in March 2025, and it stopped self-mining around the same time. The company sold its LaFayette, Georgia mining site on May 13th, 2025, but still has 35 Antminer S19 Pro machines in storage that have not generated any revenue.
The share issuance was split among various transactions, with some raising cash and others not. MGT sold 800 million common shares for $700,000 in cash and issued another 100 million shares to settle payables worth $262,000.