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Bitcoin reserve clearing funds infrastructure transformation
Hyperscale Data terminated all of its Michigan cryptocurrency mining operations on September 1 to serve an artificial intelligence infrastructure customer.
The company has a ten-year agreement with a California cloud service provider to provide 20 megawatts of computing power infrastructure, with a deal value of more than $1.2 billion and could expand to more than $3 billion.
GPASS shares plunged about 17% to close at US$0.1984, setting a record low after stock split adjustment.
In the past five weeks, Hyperscale has cleared 830 bitcoins and raised approximately $53 million to renovate facilities in Michigan.
The company's bitcoin reserves have plunged 79% since the end of July and currently holds approximately 215 bitcoins worth approximately US$16.7 million.
Michigan Bitcoin mining business terminated
Hyperscale Data (GPUS) shares closed at US$0.1984 during Wednesday's trading session, down about 17%, reaching an intraday low of US$0.1932. The closing price set a record low after adjustment for the split of U.S. listed stocks on the New York Stock Exchange.
The sharp decline in stock prices comes after the company announced that it had shut down all Bitcoin mining equipment in its Michigan data center on September 1. The operational shift came after an undisclosed California cloud service provider evaluated the facility, which subsequently signed a master service agreement with Hyperscale.
The agreement covers 20 megawatts of computing power infrastructure for a ten-year period, with two additional five-year renewal options. According to Hyperscale's forecasts, if both renewal periods are activated, the partnership could generate more than $1.2 billion in revenue over 20 years.
In addition, the contract also includes a 32-megawatt expansion clause. If this option is enabled, potential total revenue could exceed US$3 billion. For reference, Hyperscale's target total power capacity in Michigan is 340 MW, which means that even if the largest contract and optional capacity are fully deployed, they will only use about 20% of available resources.
The company said it plans to sell Bitcoin mining hardware previously deployed at its Michigan facility.
Bitcoin reserve clearing funds infrastructure renovations
Hyperscale relies heavily on its cryptocurrency reserves to fund renovations of Michigan facilities. In the past five weeks, the company has sold 830 bitcoins, earning approximately $53 million in proceeds.
In the week ended August 30, Hyperscale cleared approximately 65 bitcoins and made a profit of US$5.1 million. Management said the funds will be used for additional capital needs for project development in Michigan.
The total number of bitcoins currently held by the company is approximately 215, worth approximately US$16.7 million according to BitcoinTreasuries.NET. This is a 79% decrease from the approximately 1006 bitcoins held on July 30, ranking 84th among publicly monitored corporate bitcoin holders on the tracking platform.
The stock has fallen more than 76% since the beginning of 2026. The decline came after Hyperscale implemented a 1-for-5 reverse split, which adjusted for trading that began Aug. 25.
Montana mining business remains active
Hyperscale retains bitcoin mining business while terminating Michigan cryptocurrency business. The company continues to operate approximately 10 MW of mining infrastructure at a facility in Montana.
In June, the company disclosed it was evaluating a 125-megawatt capacity expansion opportunity in Montana.
Hyperscale emphasized that there are still various uncertainties in Michigan's expansion forecast. The $1.2 billion revenue forecast assumes customers exercise two renewal options, while the $3 billion estimate is further dependent on customers 'commitment to expanded capacity.
