After crashing 99.9%, this BTC treasury stock crashed 99.9% — again

BTC treasury company Hyperscale Data saw its split-adjusted stock price drop to below $0.14 yesterday — a figure that represents just six billionths of one percent of its all-time peak in September 2000.

Hyperscale, which began life in 1969 as an electronics manufacturing company called Digital Power Corporation, achieved a split-adjusted price of $2,131,598,848 during the so-called “dot-com bubble.”

It then pivoted to BTC mining in August 2017, with its stock trading above $121,000,000.

However, by the time it switched its focus again in September last year, this time to a Michael Saylor-inspired BTC acquisition strategy, this same stock had collapsed below $0.72.

Yesterday, it closed below $0.14, a return since 2017 that’s somehow, even worse than declining 99.9% and then declining 99.9% again.

Indeed, it needed to decline 99.9% one more time to arrive at Hyperscale’s $0.14 share price.

Read more: Has the bitcoin treasury company bubble popped?

After losing four-fifths of its share price over 17 years, the company rebranded to DPW Holdings in December 2017. Then it lost even more over the following year as its hardware business floundered.

DPW Holdings became Ault Global Holdings in January 2021, then BitNile Holdings by 2022, then Ault Alliance in 2023, then Hyperscale Data in September 2024.

Presiding over these dizzying spins was Executive Chairman Milton “Todd” Ault III.

The Financial Industry Regulatory Authority fined him $75,000, suspended him for two years, and ordered more than $312,000 in restitution in 2012.

The SEC also charged Ault and other executives in August 2023. The company paid $700,000 to settle that one, and Ault paid roughly $235,000 more, neither admitting to nor denying the conduct alleged in the complaint.

In September 2021, at the height of its crypto miner branding, the company’s split-adjusted price stood above $400,000.

By the end of 2022, as Ault Alliance, it was roughly $22,000. By its September 2024 rebrand, shareholders losses were rounding to a total loss.

Even now, any user can navigate to the company’s Yahoo Finance profile and click on an all-time stock chart to view its percentage return rounded to the closest one-hundredth decimal point.

It displays -100.00%.

On September 15, 2025, the company launched a $100 million BTC “strategy” that it said was “similar to the approach pioneered by MicroStrategy.”

CEO William B. Horne called the moment “pivotal” and said it would “create long-term value for our shareholders.”

Its stock hit $0.72 that day and has fallen 80% since.

Each pivot arrived precisely when the previous one had exhausted investor patience. Invariably and after only momentary relief, the selling would continue.

Five reverse splits, at ratios ranging from 1-for-20 to 1-for-300, multiply to a share count compression of more than 200 million to one. Those ratios of compression are the only reason the stock still prints above one penny.

In actual fact, any holder who bought at the split-adjusted 2000 peak would today own less than $0.00000000007 for each dollar invested.

The company, which has called itself at least six different corporate names, now bills itself as a “pure play” in artificial intelligence and digital assets.

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