Skip to main content

Bitcoin Mining Equipment Maker Ebang Files $100 Million IPO for US Stock Market Listing

Bitcoin Mining Equipment Maker Ebang Files $100 Million IPO for U.S Stock Market Listing

Bitcoin mining chip maker Ebang International Holdings Inc. is seeking to raise up to $100 million through an initial public offering (IPO) in the U.S. The Chinese company will sell Class A ordinary shares of nominal value HK$0.001 (US$0.00013) per share if its IPO filing is approved.

In a filing with the U.S. Securities and Exchange Commission on Friday, Ebang said it intends to list its shares on either the New York Stock Exchange (NYSE) or Nasdaq Global Market, under the ticker symbol EBON.

Proceeds of the offering will be primarily used for the “development and introduction of new mining machines, corporate branding and marketing activities, and expansion of overseas business and new businesses,” the company stated.

Founded in 2010, Ebang is one of the world’s largest bitcoin mining equipment makers. It designs and manufactures the Ebit line of ASIC chips used in bitcoin mining. In 2019, Ebit chips accounted for 82% of the company’s revenue.

The E12 series mining machines with a capability of a hash rate of up to 50TH/s and a computing power efficiency of 57W/TH sold the fastest, followed by the E10 series machines.

However, as the price of BTC tumbled in 2018 and part of 2019, Ebang’s profits took a beating. Its net loss widened to $41.1 million in 2019 from $11.8 million a year earlier. Its revenue plunged 66% to $109.1 million last year from $319 million in the previous year.

Sales of chips have slumped along with the average selling price. In 2018, Ebang sold 415,930 Ebit chips at $737 on average but the number of chips sold last year plummeted to 289,953 at an average price of $304.

“The price of bitcoin tends to have a direct impact on the market demand for our bitcoin mining machines, in terms of both the price and the quantity, and we expect this trend to continue. Furthermore, the significant drop in the bitcoin price is expected to have a negative effect on the value of our bitcoin mining machine inventory and incentivize us to increase credit sales,” said Ebang.

What do you think about Ebang’s U.S. stock market listing ambition? Let us know in the comments section below.

The post Bitcoin Mining Equipment Maker Ebang Files $100 Million IPO for US Stock Market Listing appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/3aCobgl
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more