Hyperscale Data (GPUS) said Friday 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 $50 million.

The company said it plans to use most of the proceeds to buy bitcoin and to further develop its Michigan data facility. Hyperscale said it will use a smaller portion of the proceeds for working capital and general corporate purposes.

The company's shares were down 12% in after-hours activity.