Bitcoin Magazine

Hyperscale Ups Bitcoin Stash, Bridging Holdings to Over 1,106 Coins

Hyperscale Data, Inc. announced another Bitcoin buy, bringing its holdings up to 1,106 digital coins — worth $69.7 million at today’s prices.

NYSE-listed Hyperscale added just 18.594 Bitcoin to its stash since last week’s buy of 51.5 coins.

Hyperscale shares (GPUS) were trading nearly 4% lower Tuesday morning in New York. 

“Every Bitcoin we acquire further strengthens Hyperscale Data’s balance sheet and expands our financial flexibility,” Milton ‘Todd’ Ault III, Hyperscale Data’s executive chairman, said. 

“A stronger and larger Bitcoin treasury gives us additional options to finance growth, pursue strategic opportunities, and create long-term value for our stockholders. We intend to continue building our Bitcoin position over time.”

The holdings are split across the company’s wholly owned subsidiaries, Sentinum, Inc. and Ault Capital Group, Inc. (ACG). 

The buildout is part of the company’s goal of establishing a $100 million digital asset treasury and reaching full parity between its Bitcoin holdings and market capitalization. 

Hyperscale is following in the footsteps of Strategy — formerly MicroStrategy — by using spare cash to buy Bitcoin. 

Under the leadership of Michael Saylor, Strategy shifted from a traditional software business to buying Bitcoin and allowing investors to get exposure to the asset via its shares which trade on the Nasdaq. 

This model has inspired other corporations to add the leading cryptocurrency to their treasuries — though Hyperscale’s case is unusual in that its holdings now exceed its entire market cap, a situation more commonly seen in deeply discounted treasury plays.

This post Hyperscale Ups Bitcoin Stash, Bridging Holdings to Over 1,106 Coins first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Source: BitcoinMagazine