{"id":11680,"date":"2026-08-09T22:09:06","date_gmt":"2026-08-09T22:09:06","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=11680"},"modified":"2026-08-09T22:09:06","modified_gmt":"2026-08-09T22:09:06","slug":"mgt-issued-1-65-billion-shares-as-mining-revenue-fell-to-zero","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=11680","title":{"rendered":"MGT issued 1.65 billion shares as mining revenue fell to zero"},"content":{"rendered":"<p><\/p>\n<div>\n<p>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.<\/p>\n<p>The company\u2019s 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.<\/p>\n<p>MGT\u2019s 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.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/bitcoin-hashprice-weak-mining-profitability-1024x576.jpg\" alt=\"Bitcoin miner bottom signal now depends on who survives weak mining profits\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/bitcoin-hashprice-weak-mining-profitability-1024x576.jpg\" alt=\"Bitcoin miner bottom signal now depends on who survives weak mining profits\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin miner bottom signal now depends on who survives weak mining profits<\/h3>\n<p>Rare bottom-zone readings are drawing attention, but low hashprice will decide which operators can keep hashing.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jul 6, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div><\/div>\n<h2>MGT issued shares, but most did not raise cash<\/h2>\n<p>The 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.<\/p>\n<p>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. The 6.29 billion count covers outstanding common stock and does not include those preferred shares.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-553229\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-8d341fd3-6ef0-4622-90c7-5f9749d51447.png\" alt=\"Infographic showing MGT common shares rising from 4.64 billion to 6.29 billion, split among cash sales, payable settlement and a debt exchange, alongside cash and working-capital metrics.\" width=\"720\" height=\"899\"\/><img decoding=\"async\" class=\"lazyload aligncenter wp-image-553229\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-8d341fd3-6ef0-4622-90c7-5f9749d51447.png\" alt=\"Infographic showing MGT common shares rising from 4.64 billion to 6.29 billion, split among cash sales, payable settlement and a debt exchange, alongside cash and working-capital metrics.\" width=\"720\" height=\"899\"\/><\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/bitmine-ethereum-yield-pressure-options-fees-1024x576.jpg\" alt=\"BitMine made $46 million staking Ethereum then lost twice that betting on it\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/bitmine-ethereum-yield-pressure-options-fees-1024x576.jpg\" alt=\"BitMine made $46 million staking Ethereum then lost twice that betting on it\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">BitMine made $46 million staking Ethereum then lost twice that betting on it<\/h3>\n<p>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.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jul 15, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Oluwapelumi Adejumo<\/span><\/p>\n<\/div><\/div>\n<p>The accounting for that exchange produced a $2.81 million non-cash loss on debt extinguishment, accounting for most of MGT\u2019s $2.96 million first-half net loss. MGT used $531,000 of cash in operating activities during the period.<\/p>\n<div id=\"cs-inline-newsletter-6a78f8a394c18\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Its $232,000 of total assets stood against $693,000 of current liabilities, leaving a $461,000 working-capital deficit. The filing reported a separate stockholders\u2019 deficit of the same amount.<\/p>\n<p>MGT issued shares through equity offerings spanning December 2025 and the first half of 2026, raising $975,000, according to the company. Its current $500,000 private placement had raised another $25,000 after the quarter, leaving $225,000 of capacity for near-term working capital.<\/p>\n<p>That capacity is not cash already on the balance sheet, and MGT said it cannot assure investors that additional capital will be available when needed or on acceptable terms. Those conditions raised substantial doubt about its ability to sustain operations for at least one year from issuance of the financial statements.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/riot-bitcoin-1024x576.jpg\" alt=\"Reported Riot 500 BTC custody transfer exposes Bitcoin miners' AI funding pressure\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/riot-bitcoin-1024x576.jpg\" alt=\"Reported Riot 500 BTC custody transfer exposes Bitcoin miners' AI funding pressure\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Reported Riot 500 BTC custody transfer exposes Bitcoin miners&#8217; AI funding pressure<\/h3>\n<p>The transfer is not confirmed as a sale, but it points to a harder funding question for public miners.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jul 4, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div><\/div>\n<p>In a July 20 update, MGT said it was evaluating growth opportunities and finalizing engagements with outside advisers, but it did not identify a signed acquisition, a reopened operation or another revenue-producing business. Until it secures one, further financing may keep the company functioning, but raising capital alone does not restore revenue.<\/p>\n<\/div>\n<p>Featured,Mining,Bitcoin,miningBitcoin,mining#MGT #issued #billion #shares #mining #revenue #fell1786313346<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s quarterly filing, submitted Aug. 7, shows that its outstanding common shares<\/p>\n","protected":false},"author":1,"featured_media":11681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[277,91,2626,1899,6135,447,604,881],"class_list":["post-11680","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-billion","tag-bitcoin","tag-fell","tag-issued","tag-mgt","tag-mining","tag-revenue","tag-shares"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGT issued 1.65 billion shares as mining revenue fell to zero - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"MGT issued 1.65 billion shares by Aug. 6, but only 800 million raised $700,000 as the inactive miner sought capital to restart.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=11680\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGT issued 1.65 billion shares as mining revenue fell to zero\" \/>\n<meta property=\"og:description\" content=\"MGT issued 1.65 billion shares by Aug. 6, but only 800 million raised $700,000 as the inactive miner sought capital to restart.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=11680\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-09T22:09:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/mgt-empty-cash-jar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=11680\",\"name\":\"MGT issued 1.65 billion shares as mining revenue fell to zero - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/mgt-empty-cash-jar.jpg\",\"datePublished\":\"2026-08-09T22:09:06+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"MGT issued 1.65 billion shares by Aug. 6, but only 800 million raised $700,000 as the inactive miner sought capital to restart.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=11680\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/mgt-empty-cash-jar.jpg\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/mgt-empty-cash-jar.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=11680#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MGT issued 1.65 billion shares as mining revenue fell to zero\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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