Bitcoin Magazine
Hyperscale Trims Bitcoin Holdings, Still Sits on $61M Stack
After upping its Bitcoin holdings in July, NYSE-listed Hyperscale Data, Inc. on Tuesday announced a sale last week.
The company reported holding 958.5352 Bitcoin as of August 2, worth over $61 million at today’s prices. The company’s holdings sit across its subsidiaries Sentinum, Inc. and Ault Capital Group, Inc.
Last week, the company sold roughly 150.5 BTC while ACG bought about 15 BTC on the open market, the firm said in a statement.
The week before, Hyperscale had reported having over 1,106 Bitcoins worth nearly $70 million at the time.
Executive Chairman Milton ‘Todd’ Ault III said the company planned to keep their long-term Bitcoin position while tapping it for short-term flexibility to fund data center operations, with the hope of generating significant cash blow this year and next.
“We are confident in our ability to use Bitcoin as pristine collateral to further refine our overall capital allocation strategy,” Milton ‘Todd’ Ault III, Executive Chairman of Hyperscale Data, said.
Hyperscale plans to build a $100 million digital asset treasury and achieve full parity between its Bitcoin holdings and its market value.
The company is following in the footsteps of Strategy — formerly MicroStrategy — by using spare cash to buy Bitcoin.
Strategy in 2020 moved from selling traditional software to buying Bitcoin and allowing investors to get exposure to the asset via its shares which trade on the Nasdaq.
Despite aggressive buys this year and last, the company over the past six weeks has halted its buys and even sold Bitcoin, also as a way to generate more cash flow as the price of its stock takes a hit and Bitcoin trades nearly 50% below its October record.
This post Hyperscale Trims Bitcoin Holdings, Still Sits on $61M Stack first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Source: BitcoinMagazine
