The NYSE American-listed company has sold the last of its bitcoin. Hyperscale Data said Tuesday it unloaded about 211.56 BTC for roughly $16 million. The sales wrapped by Nov. 8 at about $76,000 per coin. The money will pay down debt and help fund an AI data center in Michigan.
A final sale
This is not a small move for a company trading as GPUS. Since it first trimmed its reserve in late July, Hyperscale has sold about 1,113 bitcoin for around $74.4 million. That averages out to roughly $66,800 per coin. At a recent price near $74,200, those same coins would be worth about $82.6 million. So the company did not sell at the top, perhaps.
The company says the Michigan site is the priority. It aims to energize the first 10 megawatts of critical IT capacity in December. CEO Will Horne said bringing that capacity online is the quickest path to profitability. He also said selling the bitcoin cuts exposure to price swings and gives the company cash for debt and construction.
From a $100 million target to zero
The exit reverses a plan announced this summer. In late July, Hyperscale reported holding more than 1,106 bitcoin. It said it wanted to build a $100 million digital asset treasury and reach parity between its bitcoin holdings and its market cap. Executive Chairman Milton Ault III said then that every bitcoin strengthened the balance sheet and that the company intended to keep building its position.
A week later, Hyperscale disclosed its first sale of about 150.5 BTC. That left roughly 958.5 BTC as of Aug. 2. Its Ault Capital Group unit also bought about 15 BTC on the open market. Ault said the company planned to keep a long-term position while using bitcoin for short-term flexibility. Tuesday’s release closes that chapter. Hyperscale still mines bitcoin in Montana and expects future balance sheet holdings to come mainly from its own mining.
The bitcoin for AI trade
Hyperscale is joining a growing list of public companies that are selling bitcoin to fund data center work. Keel sold its entire bitcoin treasury for $192 million in the third quarter. Riot and Hut 8 have also sold thousands of bitcoin for AI buildouts and buybacks. MARA said Monday it sold 13,597 BTC for about $1.1 billion after Sept. 30 and plans to keep selling for AI infrastructure and other needs.
Hyperscale’s structure is more complex than a pure miner. Sentinum runs the data center business. Ault Capital Group holds lending, defense, industrial and hotel businesses. Hyperscale expects to divest Ault Capital Group in 2027 and become a data center owner and operator.
The company expects to file its third-quarter 10-Q on or before Nov. 23. It is also moving its virtual Investor Day from Nov. 12 to Nov. 23 because of a proposed exchange offer for Class A common stock. Management plans to update investors on debt reduction and the December energization target. Hyperscale did not say how much debt the bitcoin proceeds have retired so far or how much remains outstanding.
