With $0 in revenue and 35 idle machines in storage, an inactive Bitcoin miner printed 1.65 billion shares to stay alive
MGT issued about 1.65 billion shares by Aug. 6 as the inactive Bitcoin miner with no operating business reported no revenue for the first half of 2026 and held just $232,000 in cash while warning it needs more capital...
Bitcoin 1 Minute
An important story is making waves across the blockchain ecosystem. 65 billion shares by Aug. 6 as the inactive Bitcoin miner with no operating business reported no revenue for the first half of 2026 and held just $232,000 in cash while warning it needs more capital to restart operations. The company’s quarterly filing, submitted Aug.
7, shows that its outstanding common shares climbed to 6. 64 billion at the end of 2025. That is an increase of about 1.
Market Dynamics
65 billion shares, or 35. 6%, while MGT remained without an active source of revenue. MGT’s primary hosting contract expired in March 2025, when it also stopped self-mining.
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. Related Reading Bitcoin miner bottom signal now depends on who survives weak mining profits Rare bottom-zone readings are drawing attention, but low hashprice will decide which operators can keep hashing.
Jul 6, 2026 Liam 'Akiba' Wright MGT issued shares, but most did not raise cash The share increase was split among transactions with different purposes. 6, MGT sold 800 million common shares for $700,000 in cash. It issued another 100 million shares to settle $262,000 of payables.
Market Impact
The largest block was not a cash raise. On June 30, MGT issued 750. 1 million common shares and 3.
25 million Series E convertible preferred shares in an exchange that retired a $1. 22 million secured convertible note. 29 billion count covers outstanding common stock and does not include those preferred shares.
Related Reading BitMine made $46 million staking Ethereum then lost twice that betting on it Staking generated nearly all quarterly revenue as the company issued billions of dollars in stock to finance a treasury sitting $8. 2 billion below cost. Jul 15, 2026 Oluwapelumi Adejumo The accounting for that exchange produced a $2.
Crypto markets are watching this development closely as investors weigh its potential impact on prices.
