Ault Alliance to Hold Bitcoin on Its Balance Sheet
A Strategic Move to Enhance Asset Management
Ault Alliance, Inc. (NYSE American: AULT) has announced its decision to hold up to 20 percent and a minimum of five percent of the Bitcoin it mines on the Company’s balance sheet. This move is part of a broader plan to adjust the company’s asset management approach and ultimately create a more valuable enterprise while driving stockholder value.
Confidence in Bitcoin as an Asset Class
Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance, expressed confidence in Bitcoin as a sustainable asset class, citing insights from Michael Saylor, Executive Chairman of MicroStrategy. The company aims to capitalize on the short-term and long-term potential of this digital asset.
Significant Strides in Bitcoin Mining
Ault Alliance’s wholly owned subsidiary, Sentinum, Inc., has achieved significant milestones in Bitcoin mining. In December 2023, Sentinum recorded the highest single monthly run rate for Bitcoin miners in the company’s history, mining approximately 151 Bitcoin. This achievement reflects the company’s growing presence in the digital currency space.
Adapting to New Accounting Guidance
Kenneth S. Cragun, Chief Financial Officer of Ault Alliance, highlighted the company’s readiness to manage the new accounting and disclosure requirements related to holding Bitcoin on its balance sheet. The decision to incorporate Bitcoin into the balance sheet underscores Ault Alliance’s commitment to adapting to the evolving digital economy.
Accessing More Information
For more information on Ault Alliance and its subsidiaries, interested parties are encouraged to read the company’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov.
