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EXCHANGE COMMISSION**\n\n**WASHINGTON,\nD.C. 20549**\n\n \n\n**Form\n10-K**\n\n**(Mark\nOne)**\n\n \n\n☒\n**ANNUAL\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe fiscal year ended: December 31, 2025**\n\n \n\n**OR**\n\n \n\n☐\n**TRANSITION\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**\n\n \n\n**For\nthe transition period from to**\n\n \n\nCommission\nFile Number **001-32698**\n\n \n\n**MGT\nCAPITAL INVESTMENTS, INC.**\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**13-4148725**\n\n(State\nor other jurisdiction of\n\nincorporation or organization)\n \n(I.R.S.\nEmployer\n\nIdentification No.)\n\n \n\n**540\nMontreal Ave, Suite 133, Melbourne, FL**\n \n**32935**\n\n(Address\nof principal executive offices)\n \n(Zip\nCode)\n\n \n\n**(914)\n630–7430**\n\n(Registrant’s\ntelephone number, including area code)\n\n \n\nSecurities\nregistered under section 12(b) of the Act:\n\n**Not\napplicable**\n\n \n\nSecurities\nregistered under section 12(g) of the Act:\n\n**Common\nstock, par value $.001 per share**\n\n \n\nIndicate\nby check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\n \n\nIndicate\nby check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934\nduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject\nto such filing requirement for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.\nSee definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and\n“emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge\naccelerated filer ☐\nAccelerated\nfiler ☐\n\nNon-accelerated\nfiler ☒\nSmaller\nreporting company ☒\n\nEmerging\ngrowth company ☐\n \n\n \n\nIf\nan emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐\n\n \n\nIf\nsecurities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant\nincluded in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate\nby check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation\nreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).\n☐\n\n \n\nIndicate\nby check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness\nof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered\npublic accounting firm that prepared or issued its. ☐\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs\nof June 30, 2025, the last trading day of the registrant’s most recently completed second fiscal quarter, the aggregate market\nvalue of the registrant’s common stock held by non-affiliates was approximately $683,953, based on the closing price of the OTC Pink Marketplace of $0.0006.\n\n \n\nAs\nof March 16, 2026, the registrant had outstanding 5,015,670,903 shares of common stock, $0.001 par value.\n\n \n\n \n\n** **\n\n \n\n** **\n\n**MGT\nCAPITAL INVESTMENTS, INC. AND SUBSIDIARY**\n\n**INDEX**\n\n**($\nin thousands, except share and per–share amounts)**\n\n \n\n[PART I](#a_001)\n4\n\n \n[Item 1. Business](#a_002)\n4\n\n \n[Item 1A. Risk Factors](#a_003)\n6\n\n \n[Item 1B. Unresolved Staff Comments](#a_004)\n10\n\n \n[Item 1C. Cybersecurity](#a_005)\n10\n\n \n[Item 2. Properties](#a_006)\n10\n\n \n[Item 3. Legal Proceedings](#a_007)\n10\n\n \n[Item 4. Mine Safety Disclosures](#a_008)\n10\n\n[PART II](#a_009)\n11\n\n \n[Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters And Issuer’s Purchases Of Equity Securities](#a_010)\n11\n\n \n[Item 6. Reserved](#a_011)\n11\n\n \n[Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_012)\n11\n\n \n[Item 7A. Quantitative and Qualitative Disclosure About Market Risk](#a_013)\n16\n\n \n[Item 8. Financial Statements and Supplementary Data](#a_014)\n16\n\n \n[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_015)\n16\n\n \n[Item 9A. Controls and Procedures](#a_016)\n16\n\n \n[Item 9B. Other Information.](#a_017)\n17\n\n \n[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#a_018)\n17\n\n[PART III](#a_019)\n18\n\n \n[Item 10. Directors, Executive Officers and Corporate Governance](#a_020)\n18\n\n \n[Item 11. Executive Compensation](#a_021)\n19\n\n \n[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a_028)\n20\n\n \n[Item 13. Certain Relationships and Related Transactions and Director Independence](#a_022)\n20\n\n \n[Item 14. Principal Accountant Fees and Services](#a_023)\n21\n\n[PART IV](#a_024)\n22\n\n \n[Item 15. Exhibits and Financial Statement Schedules.](#a_025)\n22\n\n \n[Item 16. Form 10–K Summary.](#a_026)\n23\n\n[SIGNATURES](#a_027)\n24\n\n** **\n\n2\n\n \n\n** **\n\n**NOTE\nREGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis\nAnnual Report on Form 10-K and other written and oral statements made from time to time by us may contain forward-looking statements.\nForward-looking statements can be identified by the use of words such as “expects,” “plans,” “will,”\n“forecasts,” “projects,” “intends,” “estimates,” and other words of similar meaning.\nOne can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address\nour growth strategy, financial results and product and development programs. One must carefully consider any such statement and should\nunderstand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate\nassumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking\nstatement can be guaranteed and actual future results may vary materially.\n\n \n\nThese\nstatements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section\nentitled “Item 1A. Risk Factors” and the risks set out below, any of which may cause our or our industry’s actual results,\nlevels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or\nachievements expressed or implied by these forward-looking statements. These risks include, by way of example and not in limitation:\n\n \n\n \n●\nOur\nhistory of operating losses and the uncertainty of achieving or maintaining profitability;\n\n \n●\nOur\ncurrent lack of active revenue-generating operations and our dependence on identifying and successfully pursuing new business opportunity;\n\n \n●\nOur\nability to obtain adequate financing on acceptable terms and in a timely manner to fund operations and strategic initiatives;\n\n \n●\nRisks\nrelated to our current trading status on the OTCID Market, including limited liquidity for our common stock;\n\n \n●\nDilution\nresulting from the issuance of significant amounts of common stock in connection with financings, conversions, and compensation arrangements;\n\n \n●\nOur\ndependence on the continued service of key management, particularly our Interim Chief Executive Officer and Chief Financial Officer;\nand\n\n \n●\nRegulatory\nand compliance risks associated with our prior involvement in the digital asset industry and any future strategic initiatives.\n\n \n\nThis\nlist is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be\nconsidered carefully and readers should not place undue reliance on our forward-looking statements. Forward-looking statements are made\nbased on management’s beliefs, estimates and opinions on the date the statements are made, and we undertake no obligation to update\nforward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the\nexpectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance\nor achievements. Except as required by applicable law, including the securities laws of the United States we do not intend to update\nany of the forward-looking statements to conform these statements to actual results.\n\n \n\nInformation\nregarding market and industry statistics contained in this Annual Report on Form 10-K is included based on information available to us\nthat we believe is accurate. It is generally based on industry and other publications that are not produced for purposes of securities\nofferings or economic analysis. We have not reviewed or included data from all sources. Forecasts and other forward-looking information\nobtained from these sources are subject to the same qualifications and the additional uncertainties accompanying any estimates of future\nmarket size, revenue and market acceptance of products and services. As a result, investors should not place undue reliance on these\nforward-looking statements.\n\n \n\nAs\nused in this annual report, the terms “we”, “us”, “our”, “MGT” and the “Company”\nmean MGT Capital Investments, Inc. and its subsidiary, unless otherwise indicated.\n\n \n\nAll\ndollar amounts set forth in this Annual Report as of and for the year ended December 31, 2025 on this Form 10–K are in thousands,\nexcept per–share amounts.\n\n** **\n\n3\n\n \n\n** **\n\n**PART\nI**"}