DPW Holdings’ (NYSE:DPW) long-suffering bulls finally have a reason to cheer: The company announced today that it has used Bitcoin, the cryptocurrency its subsidiary Super Crypto Mining (SCM) has mined through its operations, to reduce the Company’s debt, marking a milestone for the Company and possibly the use of Bitcoin on a commercial basis.

DPW shares reacted to the news, rising as much as 23% in the morning before giving back most of those gains.

SCM actively mines the cryptocurrency, Bitcoin, and, since late 2017 has held its inventory of Bitcoin as one of its long term operational and investment strategies. DPW incurred new debt recently to support the purchase of Enertec Systems 2001 Ltd. (Enertec), a 22-year-old private company, by another of its subsidiaries, Coolisys Technologies, Inc. Enertec is Israel’s largest private developer and manufacturer of specialized electronic systems for the aerospace and defense markets. Enertec generated over $8 million in annual revenue for its fiscal year ended December 31, 2017. DPW has made a payment of $500,000 towards this new debt today thus leveraging the mined Bitcoin through a non-dilutive transaction to shareholders. The Company believes this transaction is significant for both its shareholders as well as the cryptocurrency community worldwide.

“We believe this transaction of reducing the debt incurred from the purchase of Enertec with the cryptocurrency we have mined validates Bitcoin’s value as a commodity and the use of cryptocurrencies as an alternative to fiat currency. DPW will expand its cryptocurrency mining operations as well as explore other paths to further advance the use of Bitcoin,” said Milton “Todd” Ault, III, the Company’s CEO and Chairman. Mr. Ault emphasized, “Having a lender provide capital for our acquisitions while our company is able to mine and use cryptocurrency to reduce debt that is used to purchase an asset, marks an important moment in the transactional use of Bitcoin for both the Company as well as the crypto community.”