Hyperscale Data (GPUS) just became the first public company to fully pair its Bitcoin treasury with its entire market cap – and the stock is loving it.
$75 million in Bitcoin = 100% of GPUS market cap
That’s the explosive update that dropped December 9, 2025 when the AI data-center operator announced its Bitcoin holdings now sit at roughly 775 BTC valued at $75 million – exactly matching the company’s equity value at the time of the press release. The move comes just weeks after launching a formal $100 million Bitcoin treasury strategy, making GPUS one of the fastest corporate adopters on record.
The market wasted no time: shares ripped 28% higher in the first hour of trading on December 9 and closed the week up more than 60% from pre-announcement levels.
This isn’t Hyperscale’s first crypto rodeo. Back on November 22 the company revealed an initial ~455 BTC position worth ~$41 million. Three weeks later they deployed another $34 million in fresh cash into Bitcoin via dollar-cost averaging, pushing the treasury from 45% to 100% of market cap in record time.
Why the “100% Pairing” Milestone Matters
Corporate treasury desks have been chasing Bitcoin for years, but most still hold only a fraction of their market cap in BTC. When a company crosses the 100% threshold it flips the narrative: Bitcoin is no longer “an allocation” – it’s the balance sheet anchor.
Strategy (MSTR) pioneered the model in 2020 and has since pushed past 300% of market cap in Bitcoin. Smaller players like Hyperscale are now sprinting to catch up, proving the playbook works at any size.
How the Market Reacted When Others Did This
- Strategy (MSTR) – crossed 100% pairing in early 2024 → stock +380% in the following 9 months
- Semler Scientific (SMLR) – hit 100% in June 2025 → shares +210% in 100 days (see our coverage here)
- Metaplanet (Japan) – reached ~95% pairing October 2025 → +450% rally (read the full story here)
The pattern is clear: once investors see Bitcoin eclipse the equity value, they start pricing the company as a leveraged BTC play with operating upside basically for free.
What’s Next for GPUS?
Management has explicitly stated the $100 million Bitcoin treasury program remains active, meaning another ~$25 million is still earmarked for purchases. At current prices that’s roughly 250-270 additional BTC – enough to push the treasury to 130%+ of market cap if the stock holds these levels.
Combine that with Hyperscale’s core AI data-center business (already running NVIDIA GPUs at scale) and you get the new hot narrative: Bitcoin treasury + AI infrastructure = double barrel growth.
As of December 10, 2025, GPUS trades around $0.30 with Bitcoin at ~$92,700.
The corporate Bitcoin race is heating up again – and this time the small caps are leading the charge.
