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 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. That is an increase of about 1.65 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.MGT issued shares, but most did not raise cashThe share increase was split among transactions with different purposes. Through Aug. 6, MGT sold 800 million common shares for $700,000 in cash. It issued another 100 million shares to settle $262,000 of payables.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 p...