Hyperscale Data has sold about 100 Bitcoin and opened a Bitcoin-backed credit facility to help finance construction of its Michigan artificial intelligence data center campus, turning part of its cryptocurrency treasury into funding for physical computing infrastructure.
The company did not disclose the date of the Bitcoin sale or the price it received. At Thursday’s Bitcoin price of $64,823, 100 BTC would be worth about $6.48 million. Bitcoin had risen 0.88% over the previous 24 hours but remained 48.6% below its stated all-time high of $126,080.
Hyperscale Data said it has begun redeploying part of its $71 million Bitcoin treasury into the Michigan project. It is also using its remaining Bitcoin holdings as collateral for borrowings expected to carry variable interest rates between 4.5% and 5.0%.
The move gives the company a way to fund construction without relying solely on an equity offering, while leaving it exposed to Bitcoin’s price movements through the collateral backing its credit facility. A substantial decline in Bitcoin’s value could affect the borrowing arrangement, depending on its loan-to-value terms and collateral requirements, which Hyperscale Data did not disclose.
Michigan contract targets up to 52 MW of AI capacity
The financing is tied to a previously announced master services agreement with a neo-cloud AI infrastructure provider. The initial deal covers roughly 20 megawatts of AI computing capacity over 10 years, with two optional five-year extensions.
If the agreement runs through the full extension period, Hyperscale Data projects more than $1.2 billion in revenue from the initial 20 MW commitment. The customer also holds an option to add another 32 MW of capacity during the first two years of the agreement.
Exercising that expansion option and maintaining the services through the maximum contract term could raise total revenue above $3 billion, according to the company. Those figures represent projected revenue over a long-duration commercial relationship rather than cash already received, and depend on the customer using the contracted capacity and any extensions taking effect.
A megawatt is a measure of electrical power. In a data center setting, contracted megawatts generally indicate the scale of computing equipment and power infrastructure that a customer can deploy. A 52 MW campus commitment would place the Michigan site well beyond a small, single-client installation and require substantial spending on power delivery, cooling, servers and network capacity.
The arrangement also connects Hyperscale Data’s Bitcoin holdings to a business with a different operating profile. Bitcoin treasury assets can be sold quickly or pledged as loan collateral, while data center construction requires capital to be committed over time to land, electrical infrastructure and equipment that cannot be readily liquidated.
Bitcoin-focused companies tap reserves for expansion
Hyperscale Data’s treasury action follows a series of Bitcoin sales by publicly traded companies that have used their holdings to meet corporate financing needs in 2026.
MARA Holdings sold 15,133 BTC for about $1.1 billion in March, according to the company, using the proceeds to repurchase convertible senior notes and support expansion into digital energy and AI infrastructure. The sale showed how a large mining company can use a Bitcoin reserve as a source of balance-sheet liquidity while pursuing businesses beyond block production.
Bitdeer Technologies liquidated its remaining 943.1 BTC reserve in February as it advanced data center expansion plans and an AI strategy. Strategy also sold 3,588 BTC in July to increase dollar liquidity and fund preferred-stock obligations.
The transactions do not establish a single industry-wide approach: companies hold Bitcoin for different reasons, and a sale can reflect debt management, operating costs, expansion plans or capital-structure decisions. Yet the recent examples show that corporate Bitcoin reserves are increasingly being treated as deployable financing assets rather than holdings that must remain untouched.
That distinction is particularly relevant for companies operating mining sites or high-density computing facilities. Their existing access to power, cooling systems, land and technical operations can be adapted for AI workloads, but building or retrofitting such capacity requires funding long before the related service revenue is earned.
Borrowing against Bitcoin preserves some exposure
For Hyperscale Data, combining a direct Bitcoin sale with collateralized borrowing allows it to raise capital through two routes. Selling around 100 BTC provides immediate cash, while a Bitcoin-backed facility may let the company obtain additional dollars without disposing of all of its remaining holdings.
The trade-off is that variable-rate debt can become more expensive if market rates rise, while Bitcoin-backed lending can create pressure to add collateral or repay debt if the cryptocurrency’s market value falls sharply. Hyperscale Data’s stated 4.5% to 5.0% expected interest-rate range is lower than many unsecured corporate borrowing costs, reflecting the role of pledged digital assets in supporting the facility.
The Michigan build-out will test whether the company can translate that financial flexibility into contracted AI capacity on schedule. Its projected revenue depends heavily on the 20 MW customer agreement, and the larger $3 billion figure depends on the customer electing the additional 32 MW option.
By allocating part of a $71 million Bitcoin treasury to the campus, Hyperscale Data is placing its balance sheet behind a longer-term wager: that revenue from AI computing infrastructure can provide a steadier use for capital than leaving the full reserve exposed to Bitcoin market cycles.
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