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Wednesday, May 25, 2022

$127 Million Investment on Data Centers and Bitcoin Miners: Still BitNile Holdings, Inc. (NILE) Stock Down in Premarket.

BitNile Holdings, Inc. (NILE) is a diversified holding company acquiring underrated enterprises with a global impact. Its shares dropped significantly by 8.75% to be $0.65 during Tuesday’s regular trading. Its price plummeted further as of the writing in the premarket session of Wednesday by 5.17%. The one-year price range of its shares on the lower side is $0.50, while the higher side is $3.70 with a market cap of $55.1 million.


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NILE: Recent Developments

NILE updated on April 5, regarding its recent investment of up to $127 million in its bitcoin mining operations at one of its data centers, inclusive of $114.7 million in the acquisition of BITMAIN Technologies Ltd. bitcoin miners and $12.3 million for the acquisition of the improvements in data center and infrastructure. The company is debt-free with the $66 million recent payment in full of senior secured debt, other than its loans of hotels. Its current financial condition up-gradation anticipates that it will invest approximately a surplus of $70 million to $80 million over time in the bitcoin mining industry.

NILE: Industry Outlook

NILE belongs to the crypto industry and the crypto businesses are gaining momentum amidst the Russia-Ukraine conflict. As physical money is becoming scarce in war-torn Ukraine, the movement of money is restricted and people are turning towards digital currencies for cross-border money transactions. The crypto market currently is staggered at $2 trillion. The setback of digital currency is its highly volatile nature.

NILE: Company Outlook

NILE posted $30.7 million in revenue and $0.73 EPS; both were in line with the anticipations.  dropped by $2.67 or 80% in the past year. The company also announced the closure of the full payment of $66 million in senior secured notes in March.

Conclusion

The share price of NILE dropped by 80% in the last year as the stock position of almost all the companies was dwindling during the span. Its price plummeted in today’s premarket although the company reported a $127 million investment in bitcoin mining operations at its data centers.

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