Kittrell Grady 4

What Happened
Kittrell Grady (reported as a 10% owner) acquired a large equity stake in MGT Capital Investments, Inc. on 2026-06-30 by converting debt into stock. Project Nickel LLC exchanged an 8% secured convertible note with a principal balance of $1,220,240 (maturing 12/31/2027) for (i) 3,250,000 shares of Series E Convertible Preferred Stock (transaction coded P), and (ii) 750,131,126 newly issued shares of common stock (conversion coded C). The filing shows no cash prices for the conversions (reported as N/A or $0.00), as this was a non-cash debt-for-equity exchange.

Key Details

• Transaction date: 2026-06-30; Form 4 filed 2026-07-02 (filed within the typical 2-business-day window).
• Securities issued: 750,131,126 common shares (conversion) and 3,250,000 Series E convertible preferred shares (purchase/exchange).
• Consideration: Exchange of an 8% secured convertible note with a principal balance of $1,220,240; reported share prices listed as N/A/$0.00 (non-cash exchange).
• Ownership/reporting: These securities are directly held by Project Nickel LLC. DAXvest LLC is the managing member of Project Nickel LLC and Kittrell is the sole member/manager of DAXvest LLC. The filing includes a disclaimer that DAXvest LLC and Mr. Kittrell disclaim beneficial ownership of these securities.
• Shares owned after transaction: The filing reports the securities are held by Project Nickel LLC; the report does not assert personal beneficial ownership by Mr. Kittrell.
• Transaction codes: C = conversion of derivative security; P = purchase/open market or private purchase (here used for issuance of preferred shares in exchange for the note).

Context

• This was a debt-for-equity exchange (non-cash conversion) rather than a cash purchase or sale. For retail investors, note that conversions and large issuances can be dilutive to existing shareholders because a substantial number of new common shares were issued.
• Because the securities are held by an LLC (Project Nickel) and the filer disclaims beneficial ownership, this filing reflects the entity-level exchange and the reporting relationships, not necessarily a direct personal buy by Mr. Kittrell.
• No evidence in the filing of an immediate sale of the newly issued common shares; the action was issuance/conversion only.