Why Is Bitcoin- And Ethereum-Related Stock BitNile Rising Again Today?

BitNile Holdings Inc NILE shares are trading higher by roughly 2.35% to $0.34 Tuesday afternoon. Shares of crypto-related companies at large are trading higher amid strength in cryptocurrencies. Bitcoin has gained roughly 13.5% over the past seven days while Ethereum has gained around 44%.

Also, BitNile's subsidiary, TurnOnGreen, was awarded state, federal and utility certifications for its electric vehicle chargers Monday.

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.