MGT Capital Investments Inc. (OTCMKTS:MGTI) is trading up 13% today on recent news that has really been interesting crypto hawks. MGTI launched its intrusion detection system and the market reaction has been positive.
“Organizations are vulnerable, and the old-world model of reactive security is not equal to the challenge. Sentinel offers corporate networks another layer of protection that complements their existing firewalls, intruder detection systems, and antivirus solutions,” said John McAfee, MGT Sentinel head of Design. The Sentinel system comes with passive hardware devices connected to each subnet. The system is designed to monitor network traffic for suspicious activity using sophisticated algorithms. It also formulates countermeasures that prevent illegal accesses
In short, MGTI focuses on acquiring and developing a portfolio of cybersecurity technologies. It intends to address various cyber threats through protection technologies for mobile and personal tech devices, as well as corporate networks.
MGTI also engages in bitcoin mining operation and recently ramped up its Ethereum mining operations as well. MGT Capital Investments, Inc. was founded in 1979 and is headquartered in Durham, North Carolina.
According to MGTI: “With facilities in WA state, MGT Capital Investments, Inc. (MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. The Company is also developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company’s first product, Sentinel, an enterprise class network intrusion detector, is currently in beta testing, with commercial released anticipated by the end of September 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.”
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The MSRP per unit is $2,499, inclusive of one year of monitoring, and will ship on November 1, 2017. The Sentinel system, composed of a passive hardware device connected to each subnet, monitors network traffic for suspicious activity using sophisticated algorithms, generating an alert and deploying countermeasures when triggered.
Overall, MGTI stock rebounded back in Monday’s trading session. The stock is currently trading in an uptrend and faces immediate resistance at $3 a share. MGTI has outperformed the overall industry after rising by more than 90% since the start of the year.
Earning a current market cap value of $100.56M, MGT Capital has a store ($340K) of cash on the books, which is balanced by about $518K in total current liabilities. MGTI will see increased revenues in the future for this new product and it will be telling to see how it appears on reports going forward. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $MGTI stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $MGTI, either long or short, and we have not been compensated for this article.