Bit Brother (BTB) Drops Significantly Without Making Any Announcements

The fallen leader is now Big Brother Ltd in the stock market, which declined by 28.68%, closing at $1.8900. Moreover, we didn’t get any specific announcements from the company. Over the past month, the stock market has experienced a downturn, at least on November 11, it reached its new high of almost $2.9392 from $0.9787. It means that the price has outperformed well by 200%. The price increase was influenced by the announcement that the company had restored compliance with Nasdaq’s minimum offer price requirements. But now, however, it is continuously plummeting even in pre-market by 5%.

Earlier this summer, Bit Brother changed its name from Urban Tea. The company focuses on supplying and distributing specialized tea items, meals, and pastries through its subsidiaries. On November 28, 2011, it was established as a limited liability company in the British Virgin Islands. It had a trading volume of 75,459,410 shares, compared to its market cap of 66 million dollars. By the way, the company received a money services business (MSB) license from the US Financial Crimes Enforcement Network (FinCEN) Department of the Treasury as part of its intentions to launch a cryptocurrency and blockchain venture.

April Sanchez

Business and Tech Reporter