Bitcoin · BitMine Immersion Technologies · Ethereum · CryptoSlate
With $0 in revenue and 35 idle machines in storage, an inactive Bitcoin miner printed 1.65 billion shares to stay alive
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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 $232,000 in cash while warning it needs more capital to restart operations.
Key facts
- Through Aug. 6, MGT sold 800 million common shares for $700,000 in cash
- Its $232,000 of total assets stood against $693,000 of current liabilities, leaving a $461,000 working-capital deficit
- 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
- MGT issued shares through equity offerings spanning December 2025 and the first half of 2026, raising $975,000, according to the company
Summary
01 The inactive miner reported no first-half revenue and held $232,000 in cash. 02 Only 800 million shares raised $700,000 in cash; another 100 million settled $262,000 of payables. 03 A debt exchange retired a $1.22 million note as MGT warned it needs more capital to restart operations. The company’s quarterly filing, submitted Aug. 7, shows that its outstanding common shares climbed to 6.29 billion by Aug. 6 from 4.64 billion at the end of 2025.