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The business has now set its eyes on becoming a top 10 publicly traded Bitcoin mining company and plans to develop data centre infrastructure to support operations.
Founder and Editor, The Tech Capital
December 14, 2021 | 2:00 AM GMT
In conjunction with the corporate name change, the company will begin trading on the NYSE American under the new ticker symbol, NILE, effective at the open of market trading today, December 13, 2021.
This change follows the business’ announced plan to split into two public companies by pursuing a spin-off of Ault Alliance, Inc. (Ault Alliance) to its stockholders.
Following the spin-off of Ault Alliance, the company will be a pure-play provider of Bitcoin mining and data centre operations, pursuing decentralised finance (DeFi)-related initiatives.
Ault Alliance will continue its focus on the company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defence, and power solutions, including electric vehicle charging products.
The Company believes that both BitNile and Ault Alliance will, as separate public companies, be better positioned to deliver long-term growth and maximise stockholder value, reflecting a market value of comparable pure-play peer companies.
Founder and Executive Chairman, Milton “Todd” Ault, III said: “Our name change to BitNile coupled with our investments in Bitcoin mining equipment, our Michigan data centre and DeFi initiatives, including Earnity, demonstrate our focus for the future of the company.
“We have announced purchase commitments to grow active miners to 20,600 by the end of 2022 as we seek to become one of the top 10 publicly traded Bitcoin mining companies.”
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