Key facts
- Hyperscale Data said it sold about 1,113 bitcoin since late July for about $74.4 million, an average of roughly $66,800 per coin.
- The company said proceeds will fund its Michigan site, where it aims to energize the first 10 megawatts of critical IT capacity in December.
- CEO Will Horne said bringing that capacity online is the company's quickest path to profitability.
- Hyperscale Data said it still mines bitcoin in Montana and expects future holdings to come primarily from its own mining.
- Hyperscale Data did not say how much debt the bitcoin proceeds have retired or how much remains outstanding.
- Hyperscale Data expects to file its third-quarter 10-Q on or before November 23 and moved its Investor Day to the same date.
Hyperscale Data has sold the last of its bitcoin, the NYSE American-listed company said on November 10, unloading about 211.56 BTC for roughly $16 million to pay down debt and fund an AI data center in Michigan. The sales were completed by November 8 at about $76,000 per coin.
Since it first sold part of its reserve in late July, Hyperscale has sold approximately 1,113 bitcoin for about $74.4 million, the company said, an average of roughly $66,800 per coin. At a price near $74,200 cited in the release, the same 1,113 BTC would be worth about $82.6 million.
The company, which trades under the ticker GPUS, said the money will go toward its Michigan site, where it aims to energize the first 10 megawatts of critical IT capacity in December. "We believe bringing that capacity online is our quickest path to profitability," CEO Will Horne said in the release. "Selling our Bitcoin reserves reduces our exposure to Bitcoin price swings and gives us cash to pay down debt and fund the work in Michigan."
The exit reverses plans set out in late July, when the company reported holding more than 1,106 bitcoin and said it wanted to build a $100 million digital asset treasury and reach full parity between its bitcoin holdings and its market capitalization. Executive Chairman Milton "Todd" Ault III said at the time that the company intended to keep building its bitcoin position. A week later Hyperscale disclosed its first sale, about 150.5 BTC, leaving it with roughly 958.5 BTC as of August 2, even as its Ault Capital Group subsidiary bought about 15 BTC on the open market. Holdings were split between that unit and Sentinum.
Hyperscale said it still mines bitcoin at its Montana site and expects any bitcoin it holds on its balance sheet going forward to come primarily from its own mining operations. It did not say how much debt the bitcoin proceeds have retired so far or how much remains outstanding.