Bitcoin Holdings Cast Shadow on Hyperscale Data's Market Value
Hyperscale Data disclosed its Bitcoin holdings, valued at approximately $71.7 million as of July 27. The company's wholly owned subsidiaries, Sentinum and Ault Capital Group (ACG), combined held 1,106.0467 Bitcoin.
The market capitalization of Hyperscale Data is around $56.4 million, according to MarketWatch, leaving a gap between the disclosed Bitcoin value and equity value of roughly $15 million.
However, investors should be cautious in treating the full $71.7 million as available to common shareholders due to several factors: historical liabilities totaling $216.7 million, preferred claims worth $90.1 million, restricted crypto assets valued at $16.7 million, and prospective dilution from a $300 million ATM program.
The company expects to divest ACG in the second quarter of 2027 through an exchange tied to Series F preferred stock, which may further complicate the treatment of ACG-held Bitcoin before that separation.