Why Bitcoin- And Ethereum-Related Stock BitNile Is Popping Off Today

BitNile Holdings Inc NILE shares are trading higher by 9.00% to $0.34 Monday morning. The company's subsidiary, TurnOnGreen, was awarded state, federal and utility certifications for its electric vehicle chargers. The stock is also trading higher in sympathy with the price of Bitcoin and Ethereum.

What Happened?

BitNile says the company has also earned an ENERGY STAR certification for its EV700 32-amp EV charger for residential and commercial installations.

ENERGY STAR is the government-backed symbol for energy efficiency, providing credible information that consumers and businesses rely on to make well-informed decisions and is a requirement for many of the rebate programs throughout the United States.

Why it Matters

BitNile says, according to a report by Grand View Research, as of 2021, the U.S. EV charging infrastructure market has an estimated value of $2.85 billion and is expected to advance at a compound annual growth rate (CAGR) of 36.9% from 2022 to 2030. In turn, BitNile hopes to tap into EV charging market growth in the future.

According to data from Benzinga Pro, BitNile has a 52-week high of $2.95 and a 52-week low of $0.22.

See Also: Why Bitcoin-, Ethereum- And Litecoin-Related Stocks Are Rising Today