Ault Alliance to Start Holding Bitcoin on Its Steadiness Sheet

Ault Alliance, Inc. (NYSE American: AULT) right this moment introduced that the Firm has determined that it’s going to begin holding as much as 20 % and minimal of 5 % of the Bitcoin it mines on the Firm’s steadiness sheet. This strategic transfer is a part of the Firm’s broader plan to regulate its asset administration method to finally create a extra invaluable enterprise and drive stockholder worth.

Milton “Todd” Ault III, Founder and Government Chairman of Ault Alliance, commented on this improvement, saying, “Our confidence in Bitcoin as a sustainable asset class is in line with the insights from Michael Saylor, Government Chairman of MicroStrategy, documented of their white papers on the subject. We’re aligning our method to capitalize on this digital asset’s quick time period and long-term potential.”

Ault Alliance, by way of its wholly owned subsidiary, Sentinum, Inc. (“Sentinum”), has made vital strides in Bitcoin mining, with December 2023 marking the best single month-to-month run price for Bitcoin miners within the Firm’s historical past, as Sentinum mined roughly 151 Bitcoin in the course of the month. Round 77 Bitcoin have been mined at Sentinum’s knowledge middle in Michigan, whereas roughly 74 Bitcoin got here from mining machines hosted with Core Scientific, Inc. This month-to-month run price amounted to about $6.9 million, setting an annual run price for present Bitcoin mining operations at roughly $83.3 million, based mostly on a Bitcoin value of round $46,000.

Kenneth S. Cragun, Chief Monetary Officer of Ault Alliance, remarked, “The brand new accounting steerage would require firms to measure Bitcoin at truthful worth on their steadiness sheets with modifications recorded in internet earnings every reporting interval. Our monetary workforce is well-equipped to handle the brand new accounting and disclosure necessities associated to holding Bitcoin on our steadiness sheet, guaranteeing compliance and optimum asset utilization.”

This resolution underscores Ault Alliance’s dedication to staying abreast of the digital economic system’s evolution by strategically adjusting its general asset administration technique.

For extra info on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, traders, and every other events learn Ault Alliance’s public filings and press releases out there below the Investor Relations part at www.Ault.com or at www.sec.gov.