Bit Brother Limited (NASDAQ:BETS) shares are climbing higher Wednesday after the stock rose more than 110% on Tuesday. Here's a look at what's going on.

What To Know:

Bit Brother previously announced the purchase of approximately $5 million worth of cryptocurrency mining equipment, which the company has said will be delivered to its mining site before the end of December. Bit Brother has obtained a certificate of occupancy for its proposed site and plans to begin mining Bitcoin in early 2024 with an initial monthly production goal of 12 Bitcoin.

Bitcoin continues to rally and is trading near two-year highs as investors anticipate the potential approval of a spot Bitcoin ETF. The increased interest in cryptocurrency may be adding to Bit Brother's recent gains.

Bit Brother shares are moving on heavy trading volume Wednesday with more than 1.38 billion shares already traded in the session. According to data from Benzinga Pro, the stock's 100-day average volume is less than 205 million shares.

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BETS Price Action: According to Benzinga Pro, Bit Brother shares were up 30.9% at $0.0144 at the time of publication.

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