By Matt Grossman
Ault Global Holdings Inc. on Monday said it will home in on a focus on cryptocurrency by spinning off its legacy businesses as a separate pubic company.
Ault will change its name to BitNile Holdings Inc. by the end of the year, the company said. Its ticker symbol will become NILE.
BitNile will focus on Bitcoin mining, data-center operations and opportunities in decentralized finance, Ault said.
Ault’s other businesses, which include finance, defense and power technology, will be organized into a subsidiary called Ault Alliance Inc., which will be spun off as a separate public company to stockholders late next year, Ault said.
Splitting in two will improve operational focus at the companies and will allow them to appeal separately to investors with distinct interests, Ault said.
Ault shares rose 7.1% in pre-market trading Monday morning.
Write to Matt Grossman at [email protected]
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Ault to Spin Off Legacy Operations, Focus on Bitcoin – MarketWatch
