Hyperscale Data has sold most of its Bitcoin holdings to help finance the expansion of its Michigan data center.
In an announcement on Friday, the Las Vegas-based company, which trades on the NYSE American under the ticker GPUS, said it sold approximately 685 Bitcoin for about $43 million.
Hyperscale said it plans to use the proceeds primarily to continue developing and expanding the Michigan facility. The sale also gives the company more flexibility to manage its debt, equity, and broader capital structure. According to the company, it has reduced its debt by approximately $30 million.
According to Hyperscale, the sale "is about capital allocation."
"We have built a substantial Bitcoin position, and today we have the ability to convert a portion of that highly liquid **** et into capital that can accelerate the development of one of the most important **** ets in our portfolio," Executive Chairman Milton Ault said in a statement. "We believe that is the appropriate decision for Hyperscale Data and its stockholders at this point in the Company's evolution."

#Bitcoin