Hyperscale Data (GPUS) Stock Falls 17% as Michigan Bitcoin Mining Ends for AI Deal

TLDR

• Hyperscale Data shut down all Bitcoin mining at its Michigan facility on Sept. 1 to make way for an AI data center customer.
• A California-based neocloud provider has contracted 20 MW under a 10-year deal worth over $1.2 billion, with options potentially pushing that above $3 billion.
• GPUS stock fell around 17% to close at $0.1984, a split-adjusted all-time low.
• The company has sold 830 BTC over the past five weeks, raising roughly $53 million to fund the Michigan transition.
• Bitcoin holdings have dropped 79% since late July, now sitting at around 215 BTC worth approximately $16.7 million.

Hyperscale Data (GPUS) closed at $0.1984 on Wednesday, down about 17% and touching an intraday low of $0.1932. That closing price is a split-adjusted record low for the NYSE American-listed stock.

Hyperscale Data, Inc., GPUS

The drop came after the company confirmed it switched off all Bitcoin miners at its Michigan facility on Sept. 1. The shutdown follows a site inspection by an unnamed California-based neocloud provider that has now signed a master services agreement with Hyperscale.

The deal covers 20 MW of computing capacity under a 10-year contract, with two optional five-year extensions. Hyperscale estimates the agreement could generate more than $1.2 billion over its full 20-year potential term.

There is also a 32 MW expansion option. If exercised, that could push total potential revenue above $3 billion. For context, the company is targeting 340 MW of total power capacity at the Michigan site, meaning even the full contracted and optional capacity would use roughly 20% of that.

Hyperscale said it plans to sell the mining equipment previously used at the Michigan site.

Funding the Transition With Bitcoin Sales

The company has been leaning heavily on its Bitcoin treasury to fund the Michigan buildout. Over the past five weeks, it has sold 830 BTC for roughly $53 million.

In the week ending Aug. 30 alone, Hyperscale sold about 65 BTC for $5.1 million. The company said proceeds go toward additional capital for the Michigan development.

Bitcoin holdings now stand at around 215 BTC, worth approximately $16.7 million according to BitcoinTreasuries.NET. That is down 79% from the roughly 1,006 BTC the company held on July 30, ranking it 84th among publicly tracked companies on the platform.

The stock has also declined more than 76% so far in 2026. The fall came shortly after Hyperscale completed a one-for-five reverse stock split, with trading beginning on a split-adjusted basis on Aug. 25.

Montana Operations Continue

Despite the Michigan wind-down, Hyperscale has not exited Bitcoin mining entirely. The company still operates around 10 MW of mining capacity at a facility in Montana.

In June, Hyperscale said it was exploring a 125 MW expansion at that Montana site.

Hyperscale cautioned that its Michigan expansion plans remain preliminary. The $1.2 billion revenue estimate requires the customer to exercise both extension options, and the $3 billion figure also depends on the customer taking additional capacity.

The company’s Bitcoin holdings as of this week stand at 215 BTC worth approximately $16.7 million, per BitcoinTreasuries.NET.

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