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Bit Brother Limited (NASDAQ: BTB) announced a non-binding letter of intent to acquire a 51% stake in Angelo's Pizza for $12.5 million. The deal includes cash and ordinary shares payment. Angelo's Pizza, with 120 years of combined history, plans international expansion into markets like Canada and Japan, aiming for 1,000 branches in five years. The restaurants will accept cryptocurrency, primarily Bitcoin, enhancing their payment options. CEO Xianlong Wu emphasized growth potential through this acquisition, leveraging Bit Brother's catering experience.
Bit Brother Limited (NASDAQ: BTB), formerly known as Urban Tea Inc., has officially changed its name and ticker symbol as of June 16, 2021. This rebranding reflects its strategic pivot towards the cryptocurrency and blockchain sectors. Additionally, its US subsidiary, Bit Brother New York Inc., has successfully obtained a money services business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN), enabling it to operate as a foreign exchange dealer and money transfer agent. The CEO expressed optimism about further developments in their cryptocurrency business.