Hyperscale Data (GPUS) said Thursday it has set up an "at-the-market" equity offering program under which it may sell, from time to time, shares for gross proceeds of up to $300 million.

The company said it plans to use most net proceeds to further develop its Michigan and Montana data facilities, to buy more Bitcoin, and to buy precious metals.

Hyperscale also said it plans to use a smaller amount of the proceeds for working capital and general corporate purposes.