Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-04-21 11:39:11

BitNile in green on launching Bitcoin Lending Platform through its DP Lending subsidiary

BitNile (NYSE:NILE) trades 9.2% higher premarket after it plans to fund up to $100M in commercial loans to small, publicly traded companies, secured by Bitcoin, through its subsidiary, Digital Power Lending (DP Lending). During 2022, BitNile plans to significantly expand its Bitcoin mining production capacity, growing its number of Bitcoin miners to 20.6K, representing an expected mining production capacity of ~2.24 exahashes per second. The company plans to hold up to $100M of self-mined Bitcoin in reserve to back the expansion of commercial loans to be offered through a new lending platform known as Ault Lending, powered by DP Lending. The funding of the platform is expected to occur over an approximate 2-year period and it is created to lend to publicly traded companies under $250M in market cap. The program is expected to commence in May 2022. The company’s goal is to provide a Bitcoin-backed lender to fund these public companies in a

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.