EYP, longtime Albany architecture firm, being sold to Bitnile Holdings, a bitcoin mining firm in Vegas

ALBANY — The architecture firm EYP, one of the largest commercial tenants at Albany Nanotech, has filed for bankruptcy and is being sold off for nearly $68 million to a Las Vegas firm involved in mining bitcoin.

EYP filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware on April 24, and reported the sale the same day. The Wall Street Journal was first to report on the news.

The firm that purchased EYP is called Ault Alliance, Inc. The parent company of Ault Alliance is a company called Bitnile Holdings, which mines for bitcoin and is involved in a variety of other businesses, including biotech ventures.

Shares of Bitnile currently trade at 37 cents. The company lost $24.2 million in 2021 on revenues of $52.4 million.

The sale is a dramatic turn of events for the longtime Albany architecture and engineering firm, which had grown in recent decades into one of the most prominent building design firms in the country for higher education and high-tech industries.

The company has a significant amount of debt. Ault Alliance will provide $12 million in financing to EYP to allow it to remain operating and serving its clients. No layoffs are expected for now.

One of the founders of EYP, Eric Yaffee of Slingerlands, died in 2020. Yaffee was born in Albany and studied architecture at Syracuse University before starting Einhorn Yaffee Prescott in 1965.

EYP has designed buildings for universities, governments, hospitals and corporations across the country and locally.

Clients have included Albany Nanotech, General Electric, the College of St. Rose, Regeneron, the University at Albany, Harvard University, Boston College Stanford University, the Department of Energy and many more.

Chapter 11 bankruptcy documents reveal former CEO Tom Birdsey, who lives in Bethlehem, is owed $15 million by EYP.

An Albany Nanotech spokesman did not immediately have a comment on EYP and its lease at the ZEN building.

“EYP is a good candidate to use the protections that a Chapter 11 process provides,” EYP’s interim CEO Kefalari Mason said in a statement.

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