Hyperscale Data said Tuesday that the company sold its remaining approximately 211.56 bitcoin for roughly $16 million to reduce debt and finance an AI data center in Michigan. The final sales concluded by November 8 at approximately $76,000 per bitcoin. Hyperscale trades on NYSE American under the ticker GPUS.
Hyperscale said sales since the company began reducing its reserve in late July totaled approximately 1,113 bitcoin and raised about $74.4 million. Those sales imply an average price of roughly $66,800 per bitcoin. The same 1,113 BTC would be worth about $82.6 million at today's price of approximately $74,200.
Hyperscale said the proceeds will support the Michigan site, where the company aims to activate the first 10 megawatts of critical IT capacity in December. CEO Will Horne said management believes activating that capacity offers the fastest route to profitability. Horne said selling the reserves limits exposure to bitcoin price fluctuations and provides money for debt repayment and construction work in Michigan. Horne said management considers that allocation the best use of the capital for all shareholders. Hyperscale did not disclose the amount of debt already repaid with bitcoin proceeds or the amount still outstanding.
The sale reverses the treasury strategy Hyperscale outlined this summer. In late July, Hyperscale reported bitcoin holdings exceeding 1,106 BTC. Hyperscale then sought to create a $100 million digital asset treasury. The company also wanted the value of its bitcoin holdings to equal its market capitalization. Executive Chairman Milton "Todd" Ault III said at the time that each bitcoin acquisition improved Hyperscale's balance sheet and financial flexibility. Ault said Hyperscale intended to increase its bitcoin position over time.
A week later, Hyperscale disclosed an initial sale of about 150.5 BTC, which left approximately 958.5 BTC as of August 2. Meanwhile, subsidiary Ault Capital Group purchased about 15 BTC through the open market. Ault Capital Group and Sentinum held the company's bitcoin reserves. Ault said then that Hyperscale intended to retain a long-term bitcoin position while using the holdings for short-term financial flexibility. Ault also expressed confidence that the company could use bitcoin as high-quality collateral. Hyperscale said Tuesday that bitcoin mining continues at the company's Montana site. Hyperscale expects future balance-sheet bitcoin holdings to originate primarily from the company's mining operations.
Other public companies have also sold bitcoin reserves to finance data center investment. Keel disposed of its full bitcoin treasury for $192 million during the third quarter. Riot and Hut 8 sold thousands of bitcoin to finance AI development and share buybacks. MARA said Monday that sales after September 30 totaled 13,597 BTC and generated about $1.1 billion. MARA said further sales are planned to finance AI infrastructure, convertible note puts and share repurchases.
Sentinum operates Hyperscale's data center business. Ault Capital Group combines private equity investment and business operations across lending, defense, industrial activities and hotels. Hyperscale expects to sell Ault Capital Group in 2027 and transition into owning and operating data centers.
Hyperscale said the company expects to submit its third-quarter 10-Q no later than November 23. A newly proposed exchange offer involving Class A common stock prompted Hyperscale to reschedule the company's virtual Investor Day from November 12 to November 23. Management plans to discuss debt reduction and the December capacity activation target at Investor Day.
Hyperscale Data Sells Remaining 211.56 BTC for AI Data Center
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Summary
Hyperscale Data sold its remaining 211.56 bitcoin for about $16 million to fund an AI data center in Michigan. The final sales closed at $76,000 per bitcoin by November 8. Since July, the company sold 1,113 bitcoin for $74.4 million at $66,800 average. Funds will activate 10 megawatts of IT capacity by December. The firm reversed its plan to build a $100 million digital asset treasury, now focusing on debt and infrastructure. On-chain data shows the sales occurred over several weeks. Inflation data may influence future treasury decisions.
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