On the NYSE American, under the code GPUS, Hyperscale Data has completely cleaned out its "Bitcoin treasury": starting from late July 2026, it phased out approximately 1,113 Bitcoins through a series of sales, reportedly generating about $74.4 million in total revenue; by November 8, it sold the last approximately 211.56 Bitcoins at around $76,000 each, netting roughly $16 million in gross profit, completing its liquidation, with reports indicating that part of the funding will be directed towards debt repayment and the construction of AI data centers. On the other hand, HIVE Digital's story is more contrasting: as of the second quarter of the fiscal year ending September 30, 2026, it mined about 1,070 Bitcoins, nearly half more than the previous year, yet its Bitcoin mining revenue was only about $76 million, down from approximately $82.1 million the year prior, with total quarterly revenue approximately $84.9 million, representing a decline of about 2.7%; net losses increased sharply from around $15.8 million in the same period last year to about $78.7 million; simultaneously emphasizing that its GPU cloud business has reached an annualized recurring revenue of approximately $185 million. One is liquidating its position and pouring cash into AI data centers, while the other, despite increasing computational power and output, suffers larger losses but prominently showcases its GPU cloud ARR, both companies signal the same message in different ways: mining companies and holders are shifting from "stockpiling coins" to using AI computational power and GPU orders as new valuation anchors.

Hyperscale Data Liquidates Bitcoin to Bet on AI

Listed on NYSE American under the code GPUS, Hyperscale Data stopped viewing Bitcoin as a "long-term holding" starting from late July 2026, initiating a multi-month reduction action. Public information indicates that this was not an emotional one-time sell-off, but a phased and rhythmic unloading, ultimately selling approximately 1,113 Bitcoins between late July and early November; according to a single source, this series of transactions brought the company about $74.4 million in revenue, gradually converting years of volatile "digital assets" on the books into disposable cash flow.

The definitive closure came on November 8: that day, Hyperscale Data sold the last approximately 211.56 Bitcoins at around $76,000 each, cashing in about $16 million in gross profit, thus completely clearing its related positions. Combined with market reports, this liquidation was not merely a simple "take profit at a high," but was clearly defined—part of the funds will be used to repay debts, while another portion is planned for AI data center construction, shifting from passively bearing price fluctuations to actively betting on hardware assets such as GPU racks, power, and land for data centers, completing a shift in asset structure from "stockpiling coins" to "betting on AI infrastructure."

Mining More but Losing More: HIVE's Computation Surge Fails to Stop Losses

Unlike Hyperscale Data, which chose to liquidate to raise funds, HIVE Digital continued to accelerate its computational power over the past quarter but presented a contradictory report of "mining more, earning less." For the second quarter of the fiscal year ending September 30, 2026, HIVE's revenue was about $84.9 million, down about 2.7% year-on-year; its Bitcoin mining revenue was around $76 million, lower than approximately $82.1 million in the same period last year. More glaring was the production side: according to a single source, HIVE mined about 1,070 Bitcoins this quarter, an increase of about 49% year-on-year. Yet, while mining that same, or even greater, quantity of Bitcoins, the corresponding mining revenue shrank—one side sees a surge in block production, while the other experiences declining mining revenue, distorting the intuitive expectation of "more mining equals more earnings."

The impact on the profit and loss statement was even more direct. Revenue only dipped slightly, but HIVE’s net loss soared to about $78.7 million this quarter, compared to a loss of only about $15.8 million the previous year, with losses nearly five times greater than before. The "quantity increase, price decrease" on the revenue side failed to provide any buffer, becoming powerless against the pressures of costs from electricity, equipment, and operations; amidst the dual squeeze of depressed prices and rigid costs, merely relying on continuous expansion of computational power and increased mining output has become insufficient to reverse HIVE's profitability decline. This Bitcoin mining-focused company is forced to stake more hope on whether its computational power and digital infrastructure business can fill this ever-deepening gap.

From Stockpiling Coins to Selling Computational Power: Reevaluating Valuation Anchors

When losses were laid bare for investors, HIVE simply rewrote its narrative—no longer focusing on how many Bitcoins were mined in a quarter, but instead highlighting about $185 million in annualized recurring revenue from its GPU cloud business, disclosed from a single source. This ARR figure is significantly higher than the approximate $76 million Bitcoin mining revenue for the same quarter, essentially telling the market: stop valuing me based on "how many coins are in inventory, how many blocks can be mined next," but instead on "how many GPU orders are secured by contracts, how much computational power and service these machines can stably sell per year." Shifting from "amount of mined coins" to "amount of contracts," mining companies strive to reframe themselves from commodity-type businesses heavily influenced by price cycles to infrastructure providers with long-term customer relationships and predictable cash flow.

Hyperscale Data chose a different path, yet pointed toward the same valuation anchor. It disclosed that over a few months, it phase-sold about 1,113 Bitcoins, and by November 8, it cleared the remaining approximately 211.56 Bitcoins at around $76,000 each, obtaining a total, according to a single source, of approximately $74.4 million, plus the final cash gain of about $16 million, ending its phase as a "coin-holding company"; according to a single source, market reports indicate that part of this money will be used for debt repayment and投入AI数据中心建设—meaning that the Bitcoins originally viewed as "hard assets" have all been converted into hardware assets for AI computational power, such as data centers, power, and racks. HIVE and Hyperscale Data, one hedging mining pressure with ARR, the other betting on AI data centers with cash raised from liquidation, both point to the same logic: in 2026, amidst the heightened attention to AI computational power assets, investors are willing to pay a premium for "infrastructure that can sustainably sell computational power" and "GPU clusters supported by orders," rather than buying into a volatile balance of Bitcoins, as the market's valuation gauge quietly shifts from coin-based to computational power-based.

Which Miners Remain on the Bitcoin Chain?

If the narrative over the past few years that "mining companies and coin holders are long-term heavyweights" was a consensus story, then the diverging paths of Hyperscale Data and HIVE are slowly wiping away this filter. Starting from late July 2026, Hyperscale Data phased out its holdings, cumulatively selling about 1,113 Bitcoins by around November 8 at approximately $76,000 each, completing its liquidation, with reports indicating that this batch of chips will be used for debt repayment and invested in AI data centers; HIVE, on the other hand, continued mining, producing about 1,070 Bitcoins in the quarter ending September 30, showing significant year-on-year growth, yet with Bitcoin mining revenue still around $76 million, it reported a net loss of approximately $78.7 million against a modest drop in revenue, far higher than last year's loss of about $15.8 million. One is "selling coins to survive and betting on transformation," while the other is "stubbornly sticking to mining and using GPU cloud ARR of about $185 million to tell a new story," both pointing to: the reallocation of assets at the corporate level is more about cash flow and survival calculations, rather than a simple denial of Bitcoin's long-term value.

Therefore, looking solely at Hyperscale Data’s liquidation or HIVE’s maintenance of mining amid losses, we cannot interpret them as signals of a Bitcoin "top," nor can we exaggerate these actions’ direct impact on short-term prices—there is no data in the facts to support this judgment. However, at the industrial structure level, the signals they release are harder to ignore: the cohort of on-chain large holders that was once seen as "least likely to be cutting losses at the bottom" is now starting to view the Bitcoins on their books as a liquidity pool that can be utilized to fill debt gaps and acquire more capital market-favored AI/GPU assets. There are still new buyers on the Bitcoin chain taking over these chips, but the identity of "heavyweights" is shifting from a few mining companies and coin holders to a more diverse and complex investor mix; this reconstruction of holding structure will gradually reshape the market’s imagination regarding Bitcoin risk, elasticity, and pricing logic over a longer time frame.

Can AI Narrative Help Mining Companies Survive the Cycle?

With continuous expansion of computational power and profits from a single Bitcoin being compressed by cycles, transitioning from locking coins on balance sheets to proactively liquidating and betting on AI/GPU infrastructure is becoming a common action path for mining firms and publicly listed companies holding coins: Hyperscale Data, after listing on NYSE American under the GPUS code, completed its liquidation by selling about 1,113 Bitcoins phased out beginning in late July 2026; according to a single source, part of the proceeds will be used for debt repayment and investment in AI data centers; HIVE Digital, in the quarter ending September 30, 2026, managed to sustain its revenue decline with the mining rewards from around 1,070 Bitcoins while raising the narrative spotlight on the contractually secured GPU cloud ARR of approximately $185 million, sourced from the same single source. As of November 10, 2026, when this text was completed, the pricing anchor for such companies in the market is shifting from "how many coins are still on the books" to "how much and what quality of orders for AI/GPU infrastructure can be secured, and whether they can go live on schedule and deliver stable cash flow." However, details regarding Hyperscale Data’s debt scale, AI data center investment amounts, and timelines for production have not been disclosed, nor is the specific composition of HIVE’s approximately $78.7 million net loss known; both the ARR and AI data center plans carry medium-confidence noise, leaving substantial information vacuum between story and execution. What truly warrants close attention moving forward is not just a static balance of holdings, but the rollout pace of Hyperscale Data’s AI data centers, whether HIVE’s GPU cloud ARR can be converted into verifiable recurring revenue in future reports, and whether more mining companies would be willing and able to complete self-transformation along the same "selling coins to bet on AI" path; ultimately, whether they can outperform the cycle will depend on whether these projects can translate their story into visible cash flow and sustainable profit trajectories in the coming financial periods.

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