Hyperscale Data’s Bitcoin treasury has soared to $73.5 million as the firm nears its $100 million…
* Hyperscale Data now owns Bitcoin worth $73.5 million
* The firm currently holds 234.7 BTC, accumulated from both mining and open market purchases.
* Hyperscale has $47.5 million in cash reserves set aside for further Bitcoin buys.
Hyperscale Data Inc. is close to achieving its target of $100 million Bitcoin treasury as it just announced that the value of its Bitcoin holdings is now at $73.5 million. This amount contributes 61% to its market capitalization.
Hyperscale Bitcoin Holdings Surge In Value
In a recent press release, Hyperscale revealed the current Bitcoin treasury is valued at 73.5 million. At current market rates with a closing price per Bitcoin of 2 November at 110,639 per Bitcoin, their current treasury is approximately 26 million with 234.7157 Bitcoins.
This includes 40.2189 Bitcoins gained through mining as well as 194.4968 Bitcoins obtained through the open market. This includes more than 36 tokens of Bitcoin purchased just last week.
Also, Hyperscale has allocated $47.5 million in cash to continue their accumulation of Bitcoin. This is in line with their strategy to follow dollar-cost averaging to ensure they continue to buy Bitcoin regardless of market fluctuations.
“Our continued forward momentum is a reaffirmation of our strategy,” stated Milton “Todd” Ault III, Executive Chairman.
“We’re pleased with how our digital asset treasury has developed so far. As we move closer to our $100 million Bitcoin Treasury milestone, we believe our DCA strategy will position Hyperscale and its shareholders to benefit from Bitcoin’s long-term potential,” Ault stated.
Hyperscale’s plan is to roll out the total amount of $47.5 million to buy Bitcoins. This is usually investing at least 5% of free capital every week. The company encouraged its investors to consider Hyperscale’s Bitcoin accumulation over a number of weeks.
Notably, in July, the firm launched its XRP treasury company as it sought to add crypto to its balance sheet.
Growing Crypto Treasury Adoption By Firms
Hyperscale’s Bitcoin accumulation plan is no less similar to the overall trend among institutional entities such as Strategy Inc., led by CEO Michael Saylor. Yesterday, Strategy announced they bought 397 Bitcoins valued at $45.6 million. This increased their total to 641,205 Bitcoins with a total value of over $69 billion.
Interestingly, Hyperscale is aggressively expanding its mining capacity. Recently, the firm purchased 2,000 of the Bitmain S21 Pro series of miners. This is in addition to their initial order of 2,099 S21+ mining rigs. Thus, the total number of new miners is 4,099. This will allow it to double its mining hash rate and augment its Bitcoin Treasury holdings.
