UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
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| ITEM 2.03 | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT |
On August 3, 2026, Hyperscale Data, Inc., a Delaware corporation (the “Company”), announced that it has successfully implemented its Bitcoin-backed decentralized finance (“DeFi”) financing strategy, establishing the ability to borrow against its Bitcoin treasury at competitive and variable institutional financing rates through an overcollateralized digital asset borrowing arrangement.
More specifically, the Company has established access to an overcollateralized digital asset borrowing facility through DeFi, using the Morpho Protocol. Under this arrangement, the Company has pledged a portion of its Bitcoin holdings as collateral to borrow stablecoins or other digital assets. The borrowings are overcollateralized, bear variable market-based interest rates, and are subject to collateral maintenance requirements, including liquidation thresholds based on the value of the pledged collateral. The Company retains economic exposure to its Bitcoin holdings unless collateral is liquidated following a failure to satisfy applicable collateral requirements.
The Morpho Protocol is a decentralized lending protocol that facilitates overcollateralized loans through immutable smart contracts, which are self-executing digital programs stored on a blockchain that automatically take actions when predetermined criteria are met.
As part of this initiative, as of August 2, 2026, the Company had approximately $30 million outstanding under Bitcoin-backed borrowings obtained through the Morpho Protocol. The borrowings are secured by a portion of the Company’s Bitcoin holdings and bear a current variable interest rate of approximately 4.9%. The proceeds are being utilized to support the continued development of the Company’s Michigan AI data center campus pursuant to its previously announced master services agreement with a leading AI-based neocloud provider, as well as for working capital and other general corporate purposes, while allowing the Company to retain long-term ownership of the Bitcoin serving as collateral.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
| (d) | Exhibits: |
| Exhibit No. | Description | |
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HYPERSCALE DATA, INC. | |
| Dated: August 5, 2026 |
/s/ Henry Nisser Henry Nisser President and General Counsel |
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