Bitcoin Treasury Firms Keep Buying as Price Falls 10%

Published by James Harris on July 2, 2026July 2, 2026

Public companies now hold 1.268 million BTC on their balance sheets, and that number keeps climbing even as Bitcoin itself has fallen more than 10% in the past 30 days. Hyperscale Data, a Las Vegas-based AI data center company trading on NYSE American, said it purchased 67 BTC between June 30 and July 1, bringing its total treasury to 849 BTC and ranking it 49th among publicly traded Bitcoin treasury firms.

The purchase follows a 53.54 BTC acquisition just two days prior, a pace that suggests this is a deliberate accumulation strategy rather than opportunistic buying. Executive Chairman Milton “Todd” Ault III framed it as dollar-cost averaging, which is a defensible approach in a declining market but also one that conveniently provides a steady stream of disclosure-worthy announcements. The broader pattern here matters: treasury companies outside of Strategy have been collectively growing their BTC positions, and Hyperscale is part of that second tier trying to build a credible Bitcoin narrative around what is otherwise a small-cap industrial business. The risk is that the Bitcoin treasury framing can obscure weak underlying fundamentals, something the market has already punished in comparable cases where H100-style stock collapses followed similar “our assets exceed our market cap” arguments from company leadership.

Hyperscale’s combined Bitcoin, cash, restricted cash, and silver holdings stand at approximately $106.7 million, which the company says represents 117% of its common stock market cap. GPUS shares trade at $0.1529, giving it a market cap of roughly $53 million.

That gap between stated asset value and market cap is exactly what Ault used to argue the stock is undervalued, but the market’s skepticism has a logic to it: a company trading at a significant discount to its reported assets usually has a reason, and that reason is often about the quality or liquidity of those assets rather than investor oversight. Metaplanet’s simultaneous announcement of a 2,823 BTC purchase, bringing its total to 43,000 BTC and pushing it ahead of MARA Holdings to third place among public treasuries, shows the tier above Hyperscale is operating at a different scale entirely. The AI compute angle Hyperscale is pursuing, including a deal it expects to generate up to $1.2 billion in revenue from a California-based neocloud provider, adds a second speculative layer on top of the Bitcoin bet. Whether Strategy’s own market dynamics eventually compress the premium that smaller treasury companies can command remains the structural question for this entire category.

Hyperscale says it will continue accumulating BTC through its dollar-cost averaging strategy, and with BTC currently trading around $61,809, any sustained price recovery would mechanically improve the optics of its treasury position relative to its market cap.