Hyperscale Data, a Bitcoin treasury firm that reports under the ticker GPUS, sold approximately 686 Bitcoin in August 2026 for roughly $43.4 million, according to its quarterly filing. The company used part of the proceeds to fully repay its Bitcoin-backed borrowings on the decentralized lending protocol Morpho, releasing the pledged collateral and eliminating its outstanding Morpho debt.
The repayment removed one near-term collateral risk, but it did not resolve Hyperscale's broader liquidity squeeze. As of June 30, the company held about $36.8 million in cash and cash equivalents against $201.7 million in current liabilities. It reported a consolidated net loss of $49.1 million for the first half of 2026 and used $9.9 million of cash in operating activities. Management warned that available liquidity is not expected to cover operating requirements, obligations, and planned capital expenditures for the next 12 months, raising going-concern concerns.
Before the repayment, Hyperscale had about $16 million of Morpho borrowings secured by cbBTC with a carrying value of about $25.4 million as of June 30. After the quarter ended, it received $31.6 million in aggregate net proceeds from additional Bitcoin-backed borrowing through Morpho, then eliminated the DeFi debt in August. The filing also shows an earlier sale of 150.5 Bitcoin on Aug. 6. The company expects its roughly 20-megawatt Michigan AI data center deployment to need more than $100 million of investment over time, with timing dependent on financing. The disclosure adds to the broader debate over how Bitcoin treasury companies are valued, including a recent MSCI proposal to exclude such firms from certain indexes.
