HYPERSCALE DATA SAYS $56 MILLION OF BITCOIN AND CASH IS 153% OF ITS MARKET CAP — ITS JUNE 30 BALANCE SHEET SHOWS $243.5 MILLION OF LIABILITIES — THE RELEASE NEVER MENTIONS THEM

Hyperscale Data said on September 29, 2026 that as of September 27 it held 219.0652 bitcoin, worth about 18.5 million dollars, plus about 37.5 million dollars of cash and restricted cash. Together that is about 56 million dollars, which the company says is about 153% of the market value of its common stock.

The math holds: 56 million divided by 1.53 puts the common stock near 36.6 million dollars. But the common is what is left after everyone ahead of it gets paid. The release compares assets to the last claim in line and skips everyone standing in front.

They are easy to find. The company's 10-Q for June 30, 2026, filed August 19 after a late-filing notice, shows total liabilities of 243.5 million dollars, 201.7 million of it due within a year, including 95.2 million of current notes payable. The same balance sheet shows preferred stock with a 90.9 million dollar liquidation preference. The release mentions none of the liabilities. And part of that 37.5 million is restricted cash, which is not free to spend.

So yes, the bitcoin and cash are worth more than the common stock. On the last balance sheet, they are also worth about 23% of the liabilities. That balance sheet is three months old and the numbers may have moved. Who gets paid first is the whole question, and the release does not ask it. At the time of this writing, bitcoin was $83,007.