Ault Global Unit Leads $15 Million Investment Offering in Earnity Inc
By Chris Wack
Ault Global Holdings Inc. said its BitNile Inc. subsidiary was
the lead investor in a $15 million Series A offering from Earnity
Inc., a California-based decentralized finance marketplace.
The holding company said institutional investors Thorney, an
Australian Securities Exchange-listed LIC company, and blockchain
fund NGC Ventures joined the Series A investment round as well.
Ault Global said the investment is in line with its plan to
split into two public companies by pursuing a spin-off of Ault
Alliance Inc. to its stockholders. Following the spin-off of Ault
Alliance, the company, through BitNile, will be a pure-play
provider of Bitcoin mining and data center operations, pursuing
Ault Alliance will continue its focus on the company's legacy
businesses and more recently initiated operations, including
lending and investing in the real estate and distressed asset
spaces, among others, defense, and power solutions, including
electric vehicle charging products.
Ault said Earnity has raised more than $20 million in 2021.
Earnity expects to formally launch its beta platform early in the
first quarter of 2022.
As part of the investment, Ault Global's Executive Vice
President of Alternative Investments, Christopher K. Wu, will join
Earnity's board of directors. Earnity and BitNile have agreed to
form joint ventures to develop and co-promote portfolios of
non-fungible tokens and other DeFi products and protocols.
Ault Global shares were up 5% to $1.57 in premarket trading.
Write to Chris Wack at email@example.com
(END) Dow Jones Newswires
December 06, 2021 07:15 ET (12:15 GMT)
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