Hyperscale Data Holds 219 Bitcoin as Michigan Site Pivots to AI

Hyperscale Data held 219.0652 Bitcoin (BTC) worth about $18.5 million as of Sept. 27, alongside roughly $37.5 million in cash and restricted cash, as it pursued plans to shift a Michigan facility to AI data-center operations.

The holdings totaled about $56 million. That was approximately 153% of the company’s market capitalization, calculated using its Sept. 28 closing share price. Bitcoin’s value can change with its market price.

The Michigan facility stopped mining Bitcoin effective Sept. 1 while the site was being prepared for AI infrastructure under a customer agreement. The agreement covers an initial 20 megawatts and a 10-year term, with two five-year extension options. The company’s projection of more than $1.2 billion in revenue depends on those options being exercised.

Hyperscale Data also proposed forming Patriot BTC to hold its mining operations and related assets, including a Montana data center. The proposed separation had not been completed or approved when announced Sept. 22.