Hyperscale Data reported holdings of approximately 220 Bitcoin valued at roughly $19 million, alongside about $37.4 million in cash, as of October 4, 2026, according to the company’s public disclosures.

The combined $56 million stack exceeded the company’s own market capitalization by roughly 53%, based on its September 28 closing share price, leaving the AI data center operator trading at a discount to its liquid assets.

How big is the Bitcoin position?

The October 4 figure builds on a September 29 update covering balances as of September 27, when Hyperscale Data held 219.0652 BTC. The company applied a Bitcoin reference price of $84,458, putting the stack at approximately $18.5 million on that date.

• 219.0652 BTC on September 27, 2026
• Valued at $84,458 per coin, or about $18.5 million
• Approximately $37.5 million in cash and restricted cash
• Combined balance of roughly $56 million

Cash and restricted cash, at approximately $37.5 million in the September 27 disclosure, were the larger share of liquid resources. Bitcoin made up roughly a third of the combined position.

The treasury grew steadily through the month. In early September, Hyperscale Data reported 216.95 BTC valued at about $16.7 million, plus $34.3 million in cash. Coin count and cash both rose by the end of the month without requiring fresh equity issuance, according to the filings reviewed.

Why is GPUS trading below its treasury?

The combined September 27 balance came to about 153% of Hyperscale Data’s market capitalization, using the September 28 close. The market valued the entire listed company at less than the Bitcoin and cash sitting on its balance sheet.

That gap reflects investor uncertainty about the company’s strategic transition and the operational risks of running a single-site AI buildout. Hyperscale Data is exiting Bitcoin mining and concentrating on AI colocation and hosting services in Michigan. The company has not disclosed the contracted tenant pipeline behind the buildout in detail.

A September 4 statement on the pivot framed the transition as a deliberate move away from the miner playbook, under which most publicly listed miners sell newly minted coins to cover power and hosting costs. The company’s stated approach treats Bitcoin as a long-term reserve asset rather than working capital.

Executive Chairman Milton “Todd” Ault III has publicly tied the Bitcoin retention to the company’s AI development, a framing the firm has used in regulatory filings and shareholder communications throughout 2026.

What changes for the business model?

Hyperscale Data, listed on NYSE American under the ticker GPUS, now describes itself as an AI data center business rather than a miner. The strategic shift carries three operational consequences for shareholders and counterparties.

First, revenue mix is moving from block subsidies and transaction fees toward colocation contracts and hosting agreements denominated in dollars, reducing direct Bitcoin price exposure on the income statement.

Second, the Michigan site replaces mining rigs with AI compute capacity, raising power-density requirements and changing the capital expenditure profile. Hyperscale Data has not provided a full capex schedule for the conversion.

Third, Bitcoin remains on the balance sheet. Roughly a third of the September 27 total sat in BTC, so a 20% move in spot price translates to a $3.7 million swing in reported treasury value.

What to watch next

The Michigan AI data center buildout is the operational milestone for the next two quarters. Any disclosure of anchor tenants, power agreements, or staged commissioning would clarify whether the business can support a market cap closer to the value of its liquid assets, rather than the current 65% implied discount to treasury.

The October 4 snapshot is a preliminary balance; the next full treasury update is expected with the company’s quarterly financial filing.