Benzinga | Jul 13, 2021 12:20PM EDT

Bit Brother Plans To Buy 51% Stake In Angelo's Pizza For $12.5M

* Bit Brother Ltd (NASDAQ:BTB) plans to acquire 51% of Angelo's Pizza 1697 Inc, 1279 1st Avenue LLC, and 60th Street Restaurant Corporation (collectively called Angelo's Pizza), for $12.5 million in cash and stock.

* Angelo's Pizza has been around as a family-style boutique restaurant for 30 years, later turning to a chain restaurant for another 90 years.

* Bit Brother, formerly known as Urban Tea, agreed with Angelo's Pizza to enter into a definitive agreement on due diligence completion.

* Upon completing the acquisition, all three chain restaurants will begin to accept cryptocurrency as a form of payment.

* Angelo's Pizza plans to expand into international markets such as Canada, Japan, South Korea, China, Singapore, Australia, and New Zealand.

* Angelo's Pizza aims to open up 1,000 branches overseas within the next five years.

* Price action: BTB shares are trading higher by 7.50% at $2.09 on the last check Tuesday.