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BTC Hyperscale Data, Inc., U.S. Stock Code: GPU), one of the most popular Bitcoin (BTC) miners, announced on August 14 that it had sold approximately 685 bitcoins worth approximately $43 million, and plans to use the proceeds for the continued development and expansion of the Michigan Data Center, as well as debt management, equity and overall capital structure optimization, and other strategic corporate initiatives.
The company still holds approximately 275 bitcoins. At the same time, the company made it clear that the sale does not mean a change in its long-term bitcoin accumulation strategy and expects to continue bitcoin mining.
Milton "Todd" Alter III, executive chairman of Hyperscale Data, said: "Bitcoin has always been an important part of Hyperscale Data's strategy, and we expect it to remain a key part of our strategy in the future. We intend to continue mining and look forward to using mining output and available capital over time to rebuild and expand our Bitcoin holdings."
However, the company said management believes that relocating some of its bitcoin reserves to the Michigan data center and strengthening the overall capital structure is a reasonable way to allocate capital.
The sale of Bitcoin by Hyperscale Data is part of a broader trend of Bitcoin miners transforming into the data infrastructure needed for artificial intelligence (AI) businesses.
Rising electricity costs, falling Bitcoin prices, reduced mining incentives and growing demand for AI make the transformation of these companies attractive. These companies have ready-made infrastructure and have a first-mover advantage in the AI industry.
The company also announced on August 13 that it would conduct a 1:5 reverse stock split, which will take effect on August 24. The decision aims to increase its trading price per share.
After the announcements of these two news, Hyperscale Data's share price fell sharply by more than 17%, at one point as low as US$0.0930. As of press time, the stock price was $0.0978.
