Hyperscale Data (NYSE American: GPUS), an artificial intelligence data center company anchored by Bitcoin, said Monday that it held 219.0652 Bitcoin worth about $18.5 million and roughly $37.5 million in cash and restricted cash as of September 27, according to a company announcement. The combined position of about $56 million represented approximately 153% of the market capitalization of its common stock as of September 28.
A balance sheet worth more than the stock
The disclosure means the Las Vegas-based company’s Bitcoin and cash holdings exceed what the equity market values the entire business at. Hyperscale Data priced the Bitcoin using a closing price of $84,458 per coin on September 27. Milton “Todd” Ault III, the company’s executive chairman, framed the position as proof the firm can keep executing while its flagship data center comes online. “We strongly believe that the $56 million of Bitcoin, cash and restricted cash puts the Company in a strong financial position to continue delivering on our commitments to our customer and bringing the initial phase online,” he said. Ault added that the Michigan AI data center remains the company’s priority as it approaches free cash flow generation.
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The treasury update lands as Hyperscale Data completes a pivot away from Bitcoin mining. The company earlier stopped Bitcoin mining at its Michigan site and, through its Alliance Cloud Services subsidiary, entered a long-term master services agreement tied to deploying AI infrastructure at the same facility. Through its Sentinum unit, Hyperscale Data owns and operates data centers offering colocation and hosting for AI ecosystems, while another subsidiary, Ault Capital Group, runs a broader private-equity and operating-company business across digital assets and other sectors.
The public-company Bitcoin treasury playbook
Hyperscale Data is one of a growing number of public issuers holding Bitcoin on the balance sheet. The largest remains Strategy, which recently added 1,665 Bitcoin to push its holdings above 847,000 BTC. For smaller companies building capital-intensive AI data centers, disclosing Bitcoin alongside cash has become a way to signal liquidity while pursuing long-term infrastructure commitments that have yet to produce operating cash flow. Management characterized the Michigan facility’s shift toward AI and high-performance computing as a key milestone on the path from development to revenue.