Welcome to our dedicated page for Bit Brother news (Ticker: btb), a resource for investors and traders seeking the latest updates and insights on Bit Brother stock.
Bit Brother Limited (NASDAQ: BTB) is a diversified company, initially known as Urban Tea, Inc., incorporated in the British Virgin Islands on November 28, 2011. The company’s primary focus includes the distribution and retail of specialty tea products, alongside significant ventures in blockchain technology and cryptocurrency mining.
In recent years, Bit Brother has made strategic strides in the crypto space. Notably, as of December 2022, through its New York subsidiary, Bit Brother New York Inc. (BTB NY), the company secured a 'Hedged Electricity Price' power supply agreement with a retail electricity provider within the jurisdiction of the Electric Reliability Council of Texas (ERCOT). This agreement ensures stable and low operational power costs for their 6 MW mining operation, significantly enhancing operational efficiency and cost-effectiveness.
Further demonstrating its growth and adaptability, Bit Brother announced on July 14, 2023, a securities purchase agreement to sell $50 million of its Class A Ordinary Shares in a registered direct offering. This strategic move is expected to bolster the company’s financial positioning and support its expanding operations.
The company has also focused on rebranding and strategic planning for future growth. Effective September 8, 2023, Bit Brother changed its ticker symbol from 'BTB' to 'BETS' to reflect its diverse business ventures and strategic direction. The CEO, Xianlong (Jack) Wu, highlighted this change as part of the company’s long-term strategy to enhance brand value and influence.
Looking ahead, Bit Brother announced a 1 for 1,000 reverse split of its Class A and Class B ordinary shares, expected to become effective on January 10, 2024. This reverse split aims to adjust the share price and potentially improve market perception and accessibility for investors.
Bit Brother’s multifaceted business approach, combining traditional specialty tea retail and cutting-edge cryptocurrency mining, positions it uniquely in the market. With ongoing projects and strategic financial maneuvers, the company continues to pave the way for future growth and innovation.
Bit Brother Limited (BTB) announced that its Texas mining farm has successfully operated since January 17, 2023, generating over 15 bitcoins, which equates to approximately $370,000 in revenue as of February 23, 2023. The company expects total revenue from the farm to reach around $1.8 million for the fiscal year ending June 30, 2023, with 400 additional mining servers anticipated in April. However, BTB cautions investors that mining results do not reflect overall financial performance and include risks related to regulatory oversight, power costs, operational disruptions, and cryptocurrency price fluctuations.
Bit Brother Limited (NASDAQ: BTB) announced a video conference featuring CEO Ralph Jones and former SEC lawyer Mark Hunter focused on combating naked short selling. Scheduled for February 17, 2023, the discussions will cover the detrimental effects of naked short selling on company shares, potential SEC whistleblower claims, and other legal actions against illegal short selling. The Company is committed to fighting back against these practices through its Special Task Force. Bit Brother's business activities include the distribution of specialty tea and ongoing development in cryptocurrency mining technology, initiated in 2021.
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