What's Up With Bit Brother Stock?

Bit Brother Limited BETS shares traded higher on Wednesday. The company recently announced the approval of a reverse stock split which is soon to become effective.

What To Know: On Monday Bit Brother announced that a 1-for-1,000 reverse split of its Class A ordinary shares and Class B ordinary shares was approved by its board of directors on Nov. 14. The expected date for the split to become effective was stated to be on or around Jan. 10.

On Tuesday night, trading of the stock was halted before resuming again on Monday shortly after the market open.

Shares initially fell by approximately 15% on Wednesday but soon rose significantly, trading higher by almost 30%.

It is also worth noting that crypto-related stocks experienced volatility on Wednesday related to chaos in the crypto market. The cause of the price action was related to the posting of unauthorized tweet on The Securities and Exchange Commission's official Twitter account after it was compromised. The tweet falsely stated that Bitcoin exchange-traded fund applications had been approved.

Related Link: What's Going On With Unity Software Stock?

BETS Price Action: Shares of Bit Brother Limited were up 14.0% at $6.61 at the close of the market, according to Benzinga Pro.

Image by Gerd Altmann from Pixabay