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.
On December 22, 2022, Bit Brother Limited (NASDAQ: BTB) acquired 1,400 cryptocurrency mining servers for US$2,329,600 from Grand Flourish Inc. Each server operates at a hash rate of approximately 100 TH/s. All units have been delivered and are currently operational. Utilizing Ultimuspool's data, BTB anticipates generating about 0.4717 BTC per day, totaling roughly 14.15 BTC per month. CEO Ralph Jones hailed this event as a significant milestone for BTB's business transformation, indicating plans for broader cryptocurrency and blockchain services.
Bit Brother Limited (NASDAQ: BTB) announced on January 9, 2023, that it has regained compliance with Nasdaq's minimum bid price requirement. The notification was received on December 30, 2022, confirming that the company's Class A ordinary shares had maintained a closing bid price of $1.00 or more for 10 consecutive business days. This follows a reverse stock split of 15-to-1 effective December 15, 2022, aimed at meeting Nasdaq's requirements after initially failing to do so on January 4, 2022. The company is focused on specialty tea distribution and blockchain technology.
Bit Brother Limited (NASDAQ: BTB) is launching its crypto mining business in the U.S. through a series of agreements. On December 13, 2022, Bit Brother New York Inc. secured a retail power sales agreement with Pumpjack Power for 4.5 MW capacity initially, increasing to 6 MW from April 2023 until December 2027. Additionally, it has entered an asset purchase agreement with Bolt Mining for $2.1 million and signed a site sublease for a mining facility in Clyde, Texas. The company also purchased 1,400 S19J Pro mining servers for $2.33 million, marking significant growth in its blockchain initiatives.
Bit Brother Limited (NASDAQ: BTB) announced a 1 for 15 reverse split of its Class A ordinary shares, effective around December 15, 2022. Post-split, shareholders will receive one new share for every fifteen held. This move aims to enhance share price visibility, with shares expected to trade at approximately fifteen times the pre-split price. As of December 12, 2022, there were about 116.8 million shares outstanding, reducing to approximately 7.8 million after the split. The reverse split will not affect the number of authorized Class B and preferred shares.
Bit Brother Limited (NASDAQ: BTB) has signed a lease with Petawatt Properties LLC for a 22-acre plant in Carthage, New York, aimed at developing its cryptocurrency and blockchain operations in North America. The lease, costing $1 million annually for ten years, includes a clause for a green power supply of 62.5 MW. If fully operational, the plant can host 17,800 mining rigs with a hash rate of 110TH. CEO Ralph Jones highlighted this deal as a key step in the company’s globalization strategy and commitment to a low-carbon economy.
Bit Brother Limited (NASDAQ: BTB) received a notification from Nasdaq on January 4, 2022, regarding a deficiency in the minimum bid price of its shares, which fell below $1.00 for 30 consecutive business days.
The company has until July 5, 2022, to regain compliance. If the share price reaches at least $1 for 10 consecutive days during this period, Nasdaq will confirm compliance.
If compliance is not achieved, Bit Brother may qualify for an additional 180 days to correct the issue, potentially through a reverse stock split.
Bit Brother Limited (NASDAQ: BTB) has announced that it has regained compliance with Nasdaq's minimum bid price requirement as of November 3, 2021. This follows a notification from the Nasdaq Stock Market Listing Qualifications Staff indicating that Bit Brother's closing bid price was at least $1.00 per share for 10 consecutive business days from October 20 to November 2, 2021. Compliance ensures the Company can continue its listing on Nasdaq. Bit Brother is engaged in the distribution and retail of specialty tea products.
Bit Brother Limited (NASDAQ: BTB) received a notification from Nasdaq indicating it has failed to meet the minimum bid price requirement of $1.00 for its ordinary shares over 30 consecutive business days. The Company has until April 18, 2022, to regain compliance. If it does not, it may be eligible for an additional 180 days to rectify the issue by meeting market value requirements or executing a reverse stock split. The notification does not immediately affect the listing status of the Company’s shares.
Bit Brother Limited (NASDAQ: BTB) announced the closing of a registered direct offering on July 20, 2021, raising $22.5 million by issuing 15 million ordinary shares and warrants. The shares were priced at $1.50 each, with warrants exercisable at the same price and maturing in five years. Maxim Group LLC served as the placement agent for the offering. This funding may support the company's new ventures into blockchain technology and cryptocurrency mining through its subsidiary, Hunan Bit Brother Holding Limited.
Bit Brother Limited (NASDAQ: BTB) announced a registered direct offering to raise $22.5 million by selling 15 million ordinary shares and corresponding warrants. Each share and warrant is priced at $1.50, with warrants exercisable immediately and expiring in five years. The offering is expected to close on July 20, 2021, subject to customary conditions. Maxim Group LLC served as the sole placement agent. This financing aims to bolster the Company’s capital resources for its ongoing business operations.
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