Inactive Bitcoin Miner MGT Prints 1.65B Shares To Survive

An inactive Bitcoin miner called MGT has printed about 1.65 billion new shares to stay afloat through the first half of 2026. The company reported zero revenue and held just $232,000 in cash while warning that it urgently needs more capital to restart operations. Its quarterly filing shows that outstanding common shares climbed to 6.29 billion by August 6, up from 4.64 billion at the end of 2025. MGT lost its primary hosting contract in March 2025, stopped self mining, and sold its Georgia mining site.

Most of the newly issued shares did not actually bring in fresh cash. MGT sold 800 million shares for $700,000 in cash, while issuing another 100 million shares to pay off debts. The largest portion went toward retiring a secured convertible note. This accounting process created a non cash loss that drove most of the company's $2.96 million net loss for the period. Total assets stood at $232,000 against $693,000 in liabilities, leaving a clear working capital deficit.

Market watchers are keeping a close eye on smaller public miners as weak hashprices and high operational costs squeeze profit margins across the sector. MGT stated that it cannot guarantee further capital will be available, which casts doubt on its future. Traders should watch for any updates on whether the company can secure a new revenue source or if it will run out of financing capacity entirely.