1 month ago
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Key Takeaways
- The filing does not disclose post-sale cash.
- June current liabilities exceeded assets by $87.6M.
- Michigan investment could exceed $100M over time.
Its latest SEC filing says the repayment released the Bitcoin collateral pledged to Morpho and left the company without borrowings on the protocol.
The transaction removed a Bitcoin-backed debt exposure. It did not answer the larger question in Hyperscale’s filing: how the company will fund operations, existing obligations and its Michigan AI data-center plans over the coming year.
The sale ended Hyperscale’s Morpho exposure
Hyperscale used Bitcoin as collateral for loans on Morpho. To do that, the company exchanged Bitcoin for Coinbase Wrapped Bitcoin, or cbBTC, then pledged the cbBTC to the decentralized-finance lending protocol.
At June 30, Hyperscale had $16.0 million in Morpho borrowings secured by cbBTC with a carrying amount of $25.4 million. After the quarter ended, the company received another $31.6 million in net proceeds from additional Bitcoin-backed Morpho borrowing.
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