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Inactive Bitcoin miner MGT issues 1.65B shares to stay alive

The share count rose to 6.29B by Aug. 6, after MGT reported no revenue in the first half of 2026 and held $232,000 in cash.

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CryptoSlate reports that MGT issued about 1.65 billion shares by Aug. 6 as an inactive Bitcoin miner, despite reporting no revenue for the first half of 2026. In its Aug. 7 quarterly filing, the company said it remained focused on restarting operations but warned it needs additional capital.

MGT’s outstanding common share count increased to 6.29 billion by Aug. 6, up from 4.64 billion at the end of 2025, representing a roughly 35.6% rise while the company had no active source of mining or hosting revenue. The filing tied the inactivity to expired hosting operations and the end of self mining, after its primary hosting contract expired in March 2025 and it sold its LaFayette, Georgia mining site on May 13, 2025.

The company still had 35 Antminer S19 Pro machines in storage, but it generated no mining or hosting revenue during the latest six-month period. Through Aug. 6, MGT sold 800 million shares for $700,000 in cash and issued another 100 million shares to settle $262,000 of payables.

CryptoSlate also notes that MGT’s earlier stock activity included a June 30 exchange that retired a $1.22 million secured convertible note, in which it issued 750.1 million common shares and 3.25 million Series E convertible preferred shares. Over the first half, MGT used $531,000 in operating cash flow, leaving $232,000 in total assets versus $693,000 in current liabilities, and it said it cannot assure investors that more capital will be available when needed.

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