Hyperscale Data, a technology firm operating AI-focused data centers and Bitcoin mining operations, announced today a strategic initiative to acquire up to 100,000 ounces of silver.
The company, traded on NYSE American under ticker GPUS, said it will accumulate the precious metal gradually using a dollar-cost averaging method that mirrors its approach to acquiring Bitcoin.
Funding for the silver purchases will come from existing cash reserves and available liquidity, according to the announcement.
Executive Chairman Milton “Todd” Ault III characterized silver as a long-term strategic asset intended to bolster the firm’s balance sheet while maintaining flexibility for future expansion.
The initiative follows a $35.4 million equity raise aimed at expanding the company’s asset base, including the acquisition of additional Bitcoin and potentially gold, silver, and copper.
The announcement comes as silver has been correcting after reaching an all-time high above $120 in late January. Since then, the metal has declined roughly 36% from its peak and is trading near $77, up 5% on the day.
Shares of the company rose 8% following the announcement, though they remain down 28% year to date.
Source: https://cryptobriefing.com/silver-reserve-plan-hyperscale-data/
