Functional Brands closes $8 million private placement and completes Nasdaq listing
LAS VEGAS - Hyperscale Data, Inc. (NYSE American:GPUS) announced Wednesday the completion of its at-the-market equity program, raising $125 million through the sale of 255,490,454 shares of Class A common stock. The company’s shares currently trade at $0.35, having fallen over 92% year-to-date according to InvestingPro data.
The company, which operates as an artificial intelligence data center business anchored by Bitcoin mining, plans to use the proceeds to strengthen its balance sheet and accelerate growth initiatives. This capital infusion comes as the company faces significant financial challenges, with InvestingPro analysis indicating GPUS operates with a substantial debt burden of $114.09 million.
Hyperscale Data operates a flagship AI and Bitcoin campus in Michigan, where NVIDIA GPU servers and Bitmain Bitcoin miners run as parallel compute networks. The company also maintains Bitcoin mining operations in Montana.
"We are executing on exactly the business we set out to build," said William B. Horne, Chief Executive Officer of Hyperscale Data, in a press release statement.
Following the capital raise, the company confirmed full compliance with all NYSE American listing requirements and indicated it is well-capitalized for current expansion initiatives. Hyperscale Data expects to fund continued growth through a combination of operating cash flow and strategic financing activities.
The company also stated it anticipates its Bitcoin holdings will exceed $100 million within the next quarter, based on current hashrate, network dynamics, and planned treasury allocations.
Milton "Todd" Ault III, Founder and Executive Chairman, emphasized the company’s strategy of holding Bitcoin as a core treasury asset rather than trading it.
Hyperscale Data currently expects to divest its subsidiary Ault Capital Group, Inc., a diversified holding company, in the second quarter of 2026, which would position the company solely as an owner and operator of data centers supporting high-performance computing services and a holder of digital assets.
In other recent news, Hyperscale Data, Inc. reported that its Bitcoin treasury has grown to approximately $73.5 million, which accounts for about 61% of the company’s market capitalization. This increase includes 234.7157 Bitcoin, with 40.2189 Bitcoin generated from mining and 194.4968 acquired through market purchases. Additionally, Hyperscale Data has finalized an order for 2,000 Bitmain S21 Pro Bitcoin miners, expected to double its Bitcoin mining production capacity. These new miners will replace the older S19J Pro models at their Michigan data center, following an earlier acquisition of 2,099 Bitmain S21+ miners. The company also announced plans to launch an on-demand GPU cloud platform in 2026 through its subsidiary, Alliance Cloud Services. This new service will utilize NVIDIA’s advanced GPUs to support AI and high-performance computing workloads. Hyperscale Data’s strategic initiatives highlight its focus on expanding both its Bitcoin holdings and technological capabilities.
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