The 50 million in shares equates to a 13% stake in BitNile as of press time.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Diversified holding company BitNile announced that its related party Ault Alpha had purchased a total of 50 million shares of BitNile common stock since September 2021. The amount equates to roughly 13% of BitNile at the time of writing.
As of Sept. 30, BitNile reported approximately $610 million in total assets. The company also recently purchased Circle 8.
According to the announcement, Ault Alpha is inclined to continue purchasing common stock of BitNile, given that the current market conditions remain the same. BitNile's Executive Chairman, Milton Ault, stated:
“Ault Alpha anticipates adopting a new 10b5-1/10b-18 plan in the near future,”
Milton Ault is also the controlling person of Ault Alpha. In early December, BitNile said it would rebrand as “Ault Alliance” in the near future.
