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 story : BitNile expects no direct exposure to FTX collapse #FinanceUSA #StockMarketNEWS Bitcoin miner BitNile Holdings Inc. said Monday that it expects to have no direct exposure to the collapse of cryptocurrency

@stockMarketNEWS Tue 15 Nov, 2022

Posted in: #FinanceUSA #StockMarketNEWS

BitNile expects no direct exposure to FTX collapse #FinanceUSA #StockMarketNEWS
Bitcoin miner BitNile Holdings Inc. said Monday that it expects to have no direct exposure to the collapse of cryptocurrency exchange FTX. BitNile said its bitcoin holdings are secured in custodial wallets that the company believes mitigates risks of loss from the fallout from the FTX bankruptcy, which was declared on Friday. The stock dropped 5.0% in premarket trading, after bouncing 25% the past two days off the Nov. 9 record-low close of 12.4 cents. "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," said Executive Chairman Milton Ault III. "BitNile plans to continue to operate its Bitcoin mining operations and strive to fulfill its goals as previously outlined." The stock has plummeted 60.3% over the past three months through Friday, while bitcoin prices have tumbled 31.4% and the S&P 500 has slipped 6.7%.


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