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 (NASDAQ: BTB) announced plans to leverage AI technology, specifically ChatGPT, to enhance its milk tea and coffee business operations. This initiative aims to improve customer interactions, enrich product content, and optimize conversion rates. The company intends to collaborate with research institutions to explore advancements in AIGC technology, ultimately transforming its operational model. Bit Brother, engaged in specialty tea distribution and cryptocurrency mining, emphasizes its commitment to innovation and adapting to digital trends.
Bit Brother Limited (BTB) announced the delivery of 400 additional S19J Pro Mining Servers to its Texas mining farm on February 3, 2023. This brings the total to 1,400 servers, projecting an aggregate hash rate of 180,000 TH/S. As of now, approximately 9 Bitcoins have been mined. CEO Ralph Jones stated that the expansion aims to generate more cash flow and improve shareholder returns. However, the company is still developing its cryptocurrency mining business, facing several risks including regulatory oversight, operational issues, and power cost fluctuations.
Bit Brother Limited (BTB) based in Changsha, China, has engaged attorney Mark David Hunter to assist in addressing potential violations related to naked short selling of its stock. Mr. Hunter, a former attorney at the U.S. Securities and Exchange Commission, will lead efforts in investigating these practices through the Commission's Whistleblower Program. This engagement aims to help the company curb illegal short selling and enhance its compliance strategies. Bit Brother continues its operations in cryptocurrency mining and specialty tea distribution, promising further updates on its initiatives against illegal stock practices.
Bit Brother Limited (NASDAQ: BTB) announced a brokerage agreement with Blockworx1, LLC to acquire 400 S19J Pro cryptocurrency mining servers, enhancing its capabilities in the blockchain sector. Each server is expected to have a hash rate of approximately 100 TH/S, totaling a potential output of about 0.6065 BTC daily or 18.19 BTC monthly upon full operation. This acquisition brings Bit Brother's total operational servers to 1,800, indicating a significant investment aimed at boosting its mining capacity. However, the company acknowledges risks associated with cryptocurrency mining, including regulatory and operational challenges.
Bit Brother Limited (NASDAQ: BTB) announced its subsidiary, Bit Brother New York Inc, signed a Letter of Intent (LOI) with Blockworx1 LLC for the potential acquisition of assets and services valued at $1,200,000. This deal includes a 2-acre industrial tract in Abilene, TX, featuring 5 MW of existing electrical load capacity, expandable to 10 MW. Blockworx1 will provide development services for cryptocurrency mining, including site design and project approvals. The company has been exploring blockchain technology and cryptocurrency since 2021, but investors should be aware of the inherent risks and uncertainties associated with its mining business.
Bit Brother Limited (NASDAQ: BTB) announced actions to combat suspected illegal short selling of its stock on January 24, 2023. The Special Task Force is gathering evidence and may involve regulatory authorities. Legal counsel and shareholder intelligence firms are being engaged, and potential corporate actions—including share repurchase and special dividends—are being analyzed. CEO Ralph Jones will host a Reddit broadcast on January 25, 2023, to discuss these initiatives. The Board believes these steps will help deter illegal trading activities impacting market integrity.
On January 23, 2023, Bit Brother Limited (NASDAQ: BTB) announced that all 1,400 S19J Pro cryptocurrency mining servers at its Texas facility are operational, achieving a total hash rate of 140,000 TH/S and mining 2.39 Bitcoin. CEO Ralph Jones highlighted this as a significant milestone for BTB's North American blockchain business. The company aims to enhance its operations by exploring green energy sources and increasing server capacity. However, the release also cautioned that cryptocurrency mining financials are complex and should not be relied upon alone for investment decisions.
Bit Brother Limited (NASDAQ: BTB) announced the completion of a registered direct offering on January 20, 2023. The offering included 1,569,444 Class A ordinary shares and warrants for 2,354,166 shares at a price of $4.50 each, generating gross proceeds of $7.1 million. The warrants are immediately exercisable at the same price and will expire in five years. The offering was facilitated by Maxim Group LLC as the sole placement agent. The shares are offered under a shelf registration statement effective since June 8, 2021. For further details, the prospectus supplement is available on the SEC's website.
Bit Brother Limited (NASDAQ: BTB) announced the formation of a Special Task Force aimed at investigating suspected illegal short selling of its stock. The task force will include key executives, such as Chairman and CEO Mr. Xianlong Wu and CFO Ms. Diyu Jiang, who will work with legal experts to identify and prosecute those engaged in market manipulation. The Board believes this initiative will deter future violations by exposing illegal naked short selling activities. The company is committed to utilizing necessary resources for this investigation, highlighting its determination to protect shareholder interests.
Bit Brother Limited (NASDAQ: BTB) announced a registered direct offering to sell $7.1 million of ordinary shares and warrants to accredited investors.
The company will issue 1,569,444 ordinary shares along with warrants for 2,354,166 additional shares at an exercise price of $4.50. The offering is set to close by January 20, 2023, pending customary conditions. Maxim Group LLC is the placement agent for this transaction.
This offering follows a shelf registration statement, and proceeds will be utilized to support the company's ongoing business operations and potential expansion.
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