Shares of Hyperscale Data (GPUS) jumped 13.3% to $0.27 on September 2, snapping a brutal slide from $0.37 just five trading days earlier, after the company disclosed an update to its Bitcoin treasury and framed the crypto sell-off as a deliberate pivot toward its Michigan AI data center.
The Bitcoin Stash Is Shrinking Fast
As of August 30, Hyperscale Data held 214.97 Bitcoin worth approximately $16.7 million, based on Bitcoin's closing price of $77,668. That is a dramatic drawdown: the company held 1,106 Bitcoin worth $71.7 million as recently as late July.
During the week ended August 30 alone, the company sold approximately 65 Bitcoin in the open market — part of a broader campaign that saw roughly 685 Bitcoin liquidated for approximately $43 million. In three months, the treasury has been drawn down by roughly 80%. The company is spending down its biggest liquid asset.
The Cash Is Going Toward a Single, Massive Bet
Executive Chairman Todd Ault said the $5.1 million in Bitcoin sales "provides additional capital to support the continued development of our Michigan data center."
That facility carries a 10-year hosting contract — with extension options — expected to generate over $1.2 billion in revenue if fully exercised over 20 years.
The initial retrofit alone is estimated at $100–$120 million for 20 megawatts of capacity. For a company with a market cap of roughly $42 million, the gap between ambition and resources is enormous.
Revenue Is Growing, but Losses Remain Deep
Hyperscale Data reported preliminary first-half 2026 revenue of roughly $80 million, up about 57% year-over-year, and reaffirmed full-year guidance of $180–$200 million.
But in fiscal 2025, the company posted a net loss of $66.4 million on $102 million in revenue, with operating margins at negative 61%.
The company also delayed its latest quarterly filing amid growing losses.
The Disconnect Between the Stock Price and the Story
At a market cap of roughly $42 million, GPUS is valued at less than three times its remaining Bitcoin alone — before assigning any value to data center contracts or revenue. Shares have cratered from a 52-week high of $3.65 , reflecting investor skepticism that management can convert headline contracts into cash flow. The rebound looks like a relief rally, not a fundamental reset. Until the Michigan campus starts generating real revenue — targeted for "as soon as late September 2026" — the stock trades on faith, not results.