Hyperscale Data Sells Entire Bitcoin Stake to Fund Michigan AI Data Center, Repay Debt
Summary
- Hyperscale Data said it sold about 211.56 BTC of Bitcoin it had been holding at roughly $76,000 per coin, raising about $16 million.
- The company said it has sold a total of 1,113 BTC for about $74.4 million since late July, with the proceeds set to go toward debt repayment and development of a Michigan AI data center.
- The company said the Bitcoin sale would reduce exposure to price volatility, while its Bitcoin mining business at its Montana facility will continue and future balance-sheet Bitcoin holdings will come through self-mining.
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U.S. artificial intelligence data center company Hyperscale Data has sold all of its Bitcoin holdings. The proceeds will be used to repay debt and fund development of an AI data center in Michigan.
According to a PR Newswire release on November 10, Hyperscale Data said it sold about 211.56 BTC remaining on its books as of November 8 at roughly $76,000 per coin, raising about $16 million.
The company has been selling down its Bitcoin holdings since late July. To date, it has sold a total of 1,113 BTC for about $74.4 million.
Chief Executive Officer Will Horne said the company’s top priority is to bring the first 10-megawatt block of core IT capacity at its Michigan data center online in December. The Bitcoin sale reduces exposure to price volatility while securing funds for debt repayment and data center development.
Hyperscale Data said it will continue its Bitcoin mining business at its Montana mining facility. It added that any Bitcoin held on its balance sheet in the future would primarily come from self-mining.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.