One thing to note is that in the previous MGT cap raise that was...

One thing to note is that in the previous MGT cap raise that was underwritten by Mahe capital, they passed up their $300,000 fee in lieu of shares, which netted them 30 million shares at the time. However I didn't see their name listed in the last top 20 list, hence it looks like they took the shares, made a decent profit and sold out. Michael wasn't listed in the top 20 either last year. At least now having a large chunk of options, he will need to pay up to if he wishes to exercise them, thus bringing more capital back to MGT, unless he sells out or they expire.

However, as Bootlickin69420 said "100,000,000 MGTRE executed for the 50,000,000 MGTOE" would be about $2.6 million if bought at market. He didn't have a holding of 500 million heads to be granted these rights, thus it may have been some sort of bonus as part of underwriting the raise, or he's been busy buying up shares and rights. Mahe would have made around $2.7 million if they were lucky to have sold out at 9 cents, which coincidentally is a similar amount to what they may have spent acquiring these options. Will be interesting to see what they do next.

Mahe Capital looks to be a private company, perhaps his Super fund owns a major share in the company, and thus money flows between the 2.