Bit Brother Drops 47% Following Crypto Mining Announcement

Bit Brother Limited dropped as much as 47% on Tuesday, the most intraday since July 2021, following the purchase of 1,400 cryptocurrency mining servers through its subsidiary, the company announced Tuesday morning.

• Trading was halted multiple times for volatility
• More than 3.2 million shares traded hands Tuesday, about 2,200% of it’s three-month average
• Bit Brother, formerly known as “Urban Tea Inc.,” changed it’s name in June 2021 as it shifted focus from the distribution and retail of specialty tea to cryptocurrency mining
• The Changsha, China based company is up more than 313% from it’s record low in October 2022

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