The Bitcoin miner is using part of its treasury and a BTC-backed credit facility to fund an AI campus tied to a potential multi-billion-dollar infrastructure contract.
Bitcoin miner Hyperscale Data sold about 100 Bitcoin and secured a Bitcoin-backed credit facility to help finance construction of its Michigan AI data center, according to a Thursday announcement.
The company said proceeds from the Bitcoin (BTC) sale are being used to fund construction and purchase critical infrastructure and long-lead equipment for its Michigan campus. The& Bitcoin-backed credit facility& is expected to provide financing at variable interest rates of about 4.5% to 5.0%.
The campus is being developed to support a previously announced master services agreement with an unidentified AI infrastructure provider, initially covering about 20 megawatts of AI compute capacity. The 10-year agreement includes two optional five-year extensions and is expected to generate more than $1.2 billion in revenue if fully exercised.
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