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BTC Bitcoin miner Hyperscale Data announced on Thursday that it has sold about 100 bitcoins and has received a bitcoin-backed credit line to fund the construction of its Michigan artificial intelligence data center.
The company said proceeds from the Bitcoin sale are being used to fund the construction of its Michigan campus and to purchase critical infrastructure and long-cycle equipment. The bitcoin-backed credit line is expected to provide floating rate financing of approximately 4.5% to 5.0%.
The park is being developed to support a previously signed master services agreement with an unnamed AI infrastructure provider, initially covering approximately 20 MW of AI computing capacity. The 10-year agreement includes two optional five-year extension options that, if fully exercised, are expected to generate more than $1.2 billion in revenue.
According to the company, the AI provider also has the right to add an additional 32 MW of capacity in the first two years after the agreement takes effect. If this option is exercised and extended for an extension period, the total contract value will exceed $3 billion.
The company, formerly known as Ault Alliance, will change its name to Hyperscale Data in 2024, shifting its business focus to AI infrastructure while retaining Bitcoin mining business. Its U.S. listed stock (GPUS) was up more than 5% before noon on the New York Stock Exchange on Thursday, according to market data.
Data shows that the company still holds approximately 1006 bitcoins, making it the 44th largest bitcoin holder among listed companies.
