BitNile Holdings Announces It Expects to Have No Direct Impact to Its Business Related to the Crypto Exchange FTX Bankruptcy
BitNile Holdings, , a diversified holding company, announced that it expects to have no exposure directly or through any of its subsidiaries or business units related to the collapsed cryptocurrency exchange FTX Trading Limited (“FTX”). Moreover, the Company states that its Bitcoin holdings are secured in custodial wallets that the Company believes mitigates the risk of loss similar to those from the FTX disruption.
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“Other than the very difficult market conditions for Bitcoin in recent days, BitNile and its subsidiaries have not been disrupted by recent bankruptcies of industry participants. BitNile plans to continue to operate its Bitcoin mining operations and strive to fulfill its goals as previously outlined.”
Mr. Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “Other than the very difficult market conditions for Bitcoin in recent days, BitNile and its subsidiaries have not been disrupted by recent bankruptcies of industry participants. BitNile plans to continue to operate its Bitcoin mining operations and strive to fulfill its goals as previously outlined.”
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BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hotel operations and textiles.
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