Bit Brother Limited
MYT
NASDAQ Capital Market2.16
USD
-0.14
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Bit Brother Limited
MYT
(NASDAQ Capital Market)
Recent
price
2.16
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.- Similar Companies
- Business
- Bit Brother Limited (NASDAQ: MYT; OTC: BETSF), a British Virgin Islands-incorporated holding company founded on November 28, 2011 and headquartered at 15/F, Block A, Kineer Business Centre, 53 Binjiang Road, Yuelu District, Changsha, Hunan Province, People's Republic of China, engages primarily in cryptocurrency mining and blockchain technology alongside the retail and distribution of specialty tea products in China and the United States; its core offerings include tea-based beverages such as fresh milk tea, fruit tea and milk cap tea; light meals comprising salads, sandwiches, pasta, steak and burritos; pastries including fresh baked bread, cakes and frosting cakes; blockchain-based software and applications developed through subsidiaries like Hunan Bit Brother Holding Limited; digital asset mining operations utilizing Antminer S19 machines; business management services; and trademark licensing to retail store owners. The company operates tea shops including flagship and general stores mainly in Hunan province, China, while its mining activities focus on facilities in the United States, such as its first site in Texas and a second mining farm in Abilene, Texas equipped with 1368 S19 miners that commenced operations on June 8, 2024 following receipt of a certificate of occupancy on June 7, 2024, with combined sites expected to produce approximately 7 BTC monthly assuming normal functioning. Originally focused on fine and specialty chemicals as Delta Technology Holdings Limited before pivoting to tea in 2018 as Urban Tea Inc., Bit Brother changed its name to Bit Brother Limited in May 2021 (effective June 16, 2021) with a ticker shift from MYT to BTB (later BETSF after delisting from NASDAQ to OTC in March 2024), obtained a U.S. Money Services Business license for its subsidiary Bit Brother New York Inc. enabling foreign exchange dealing and money transfers, completed private placements including $22.5 million and $24.3 million offerings in 2021-2022, entered a 10-year trademark license agreement with Guangzhou Baogu Trading Co., Ltd. effective September 1, 2022, and in 2024 commenced its second U.S. mining farm while evaluating trusteeship models for future sites amid Bitcoin market surges. Through variable interest entity arrangements, Bit Brother controls PRC operations including Mingyuntang (Shanghai) Tea Co. Ltd. and related entities, with prior subsidiaries in chemical manufacturing fully divested by April 2019; it targets consumer markets for tea products and institutional investors in digital assets, reporting trailing twelve-month revenue of $2.88 million as of late 2023 alongside significant operating losses.
Urban Tea, Inc. Announces Name Change to Bit Brother Limited and Upcoming Trading Symbol Change to BTB
Urban Tea Announces the Establishment of New Subsidiary for its Planned Blockchain and Cryptocurrency Mining Business
Urban Tea Accepts Crypto-Currency in Its Stores
Urban Tea, Inc. Announces Pricing of Approximately $25Million Registered Direct Offering
Urban Tea Appoints New COO and Independent Director to Drive Expansion in Blockchain and Cryptocurrency Mining Business
Urban Tea Subsidiary Achieves Earn-out Commitment and Urban Tea Expects 400% Increase in Total Revenues For Fiscal Year Ending 6/30/2021