Hyperscale Data shares hit all-time low as company flips Michigan site from bitcoin mining into AI

Nasdaq-listed Hyperscale Data shares fell to an all-time low on Wednesday as the company fully wound down bitcoin mining operations at its Michigan data center to clear the way for its growing AI infrastructure business.

According to a Wednesday release, the company said all bitcoin miners at the site were turned off as of Sept. 1, following an agreement to prepare the site for deployment of AI computing infrastructure.

Hyperscale Data's stock (GPUS) traded as low as $0.22 Tuesday morning, extending its decline to over 76% in 2026 alone.

The Michigan site is being redeveloped under a master services agreement with an unnamed "California-based neocloud provider." The agreement covers 20 megawatts and could generate roughly $1.2 billion over its 20-year term, according to Hyperscale estimates. The contract also includes a potential 32 MW expansion clause that, if the customer chooses to contract, could bump revenue above $3 billion.

Even with the expansion, Hyperscale Data estimates that this would only use up around 20% of the roughly 340 MW of power capacity that it's targeting for the Michigan site, leaving plenty of capacity for other customers.

The company has been selling off its bitcoin (BTC) treasury that it built up over the past year to help fund the transition, unloading 830 BTC over the past five weeks for roughly $53 million to finance development and equipment for the site.

According to Bitcoin Treasuries, the firm still has 275 BTC worth $21.2 million left in its coffers.

The shutdown, however, does not appear to be a complete exit from bitcoin mining for Hyperscale Data, with the company still operating around 10 MW of mining capacity at one of its primary sites in Montana and, in June, claimed to be exploring a 125 MW expansion there.