Ault Alliance to Begin Holding Bitcoin on Its Balance Sheet, Marking Change in Financial Strategy
10 1월 2024 - 8:30PM
Business Wire
Current Bitcoin Mining Operations Annual Run Rate of
Approximately $83 Million
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
announced that the Company has decided that it will start holding
up to 20 percent and minimum of five percent of the Bitcoin it
mines on the Company’s balance sheet. This strategic move is part
of the Company’s broader plan to adjust its asset management
approach to ultimately create a more valuable enterprise and drive
stockholder value.
Milton “Todd” Ault III, Founder and Executive Chairman of Ault
Alliance, commented on this development, saying, “Our confidence in
Bitcoin as a sustainable asset class is consistent with the
insights from Michael Saylor, Executive Chairman of MicroStrategy,
documented in their white papers on the topic. We are aligning our
approach to capitalize on this digital asset’s short term and
long-term potential.”
Ault Alliance, through its wholly owned subsidiary, Sentinum,
Inc. (“Sentinum”), has made significant strides in Bitcoin
mining, with December 2023 marking the highest single monthly run
rate for Bitcoin miners in the Company’s history, as Sentinum mined
approximately 151 Bitcoin during the month. Around 77 Bitcoin were
mined at Sentinum’s data center in Michigan, while approximately 74
Bitcoin came from mining machines hosted with Core Scientific, Inc.
This monthly run rate amounted to about $6.9 million, setting an
annual run rate for current Bitcoin mining operations at
approximately $83.3 million, based on a Bitcoin price of around
$46,000.
Kenneth S. Cragun, Chief Financial Officer of Ault Alliance,
remarked, “The new accounting guidance will require companies to
measure Bitcoin at fair value on their balance sheets with changes
recorded in net income each reporting period. Our financial team is
well-equipped to manage the new accounting and disclosure
requirements related to holding Bitcoin on our balance sheet,
ensuring compliance and optimal asset utilization.”
This decision underscores Ault Alliance’s commitment to staying
abreast of the digital economy’s evolution by strategically
adjusting its overall asset management strategy.
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.Ault.com or at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, 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, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and offers colocation and hosting services for the emerging
artificial intelligence ecosystems and other industries, and
provides mission-critical products that support a diverse range of
industries, including a metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are
made, and the Company undertakes no obligation to update any of
them publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8- K. All filings are available at www.sec.gov and on the Company’s
website at www.Ault.com.
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Ault Alliance Investor Contact: IR@Ault.com or
1-888-753-2235
Ault Alliance (AMEX:AULT)
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Ault Alliance (AMEX:AULT)
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