What Is Going on With Bit Brother (BETS) Stock Today?

Company Overview - Bit Brother (NASDAQ: BETS) is a highly speculative blockchain venture with operations in business management in China [1] - The company previously operated as Urban Tea, distributing and retailing specialty tea products before pivoting to blockchain technology and cryptocurrency mining [5] - Over the past 52 weeks, BETS stock has lost 99.7% of its value [5] Financial Performance - Bit Brother's market capitalization is currently less than $3 million [2] - In the fiscal year ending June 2023, the company reported a net loss of$92.16 million on sales of only $2.88 million [2] - Since the beginning of 2024, BETS stock has lost around 61$63,000 for the first time since November 2021 [1][2] - The upcoming halving event for the benchmark cryptocurrency asset is driving speculation, as it will reduce mining rewards by half, potentially increasing the asset's price due to reduced supply [4] Short Squeeze Potential - BETS stock is also rising due to a potential short squeeze, with short interest standing at just over 162% of its float [3] - The short interest ratio is 2.27 days to cover, indicating the time needed for short sellers to cover their positions based on average trading volume [3] - Yahoo Finance reports short interest at 147.28% as of February 15, 2024, further confirming the high short interest in BETS stock [3] Regulatory and Listing Concerns - On February 2, 2024, Bit Brother received a notification from Nasdaq regarding the exchange operator's intent to delist BETS stock [1] - The company was scheduled to appeal the delisting decision on February 27, 2024 [1]