Fun

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

News Feed - 2020-04-26 07:04:53

Bitcoin Mining Equipment Maker Ebang Files $100 Million IPO for US 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.Microbt Reveals Two Next-Generation Mining Rigs With Speeds Up to 112 TerahashMINING | Apr 18, 2020Seeking Profits: A Number of Large Crypto Exchanges Are Mining and Staking Digital AssetsMINING | Apr 17, 2020Tags in this storyASIC chips, Ebang, Ebit, EBON, ipo, Nasdaq Global Market, New York Stock Exchange, Securities and Exchange Commission


Image Credits: Shutterstock, Pixabay, Wiki Commons, EbangUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

Tristan Greene5 hours agoBitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflowsBlockchain equities inflows reached a recent high of $15 million as well. However, total trading volume
Soneium blockchain launched by Sony to attract Web3 developers
Pradipta Mukherjee33 minutes agoSoneium blockchain launched by Sony to attract Web3 developers Sony Block Solutions Labs, a year-old joint venture between Sony Group and Startale, has introduced an Ethereum Layer-2 bloc
Rakesh Upadhyay6 hours agoPrice analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOTThe S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective res
MicroStrategy Q1 net loss hits $53.1M but Bitcoin buying spree continues
Brayden Lindrea7 minutes agoMicroStrategy Q1 net loss hits $53.1M but Bitcoin buying spree continuesMicroStrategy has yet to adopt the new accounting standard that would have taken the billions of dollars in paper gains
Prashant Jha10 hours agoBitfinex Securities announces tokenized bondPaolo Ardoino, Bitfinex chief technology officer and incoming Tether CEO, said the “exciting” initiative marks the beginning of a new era in capital
Dogecoin Price To $1, XRP To $6, And Solana To $1,000? Pundit Says You’re Not Bullish Enough
Este artículo también está disponible en español. Crypto pundit Investments CEO has provided a bullish case for the Dogecoin price, XRP, and Solana amid this market downt
Jurors in Billion-Dollar Bitcoin Trial Deadlocked for Days — Hung Jury Could Lead to Mistrial
Jurors in Billion-Dollar Bitcoin Trial Deadlocked for Days — Hung Jury Could Lead to Mistrial Jurors in the Kleiman v. Wright trial are currently unable to come to a decision on
Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTC
Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTCA number of venture capitalists and macro investors believe bitcoin’s p
BigONE Exchange Unveils Star Program
BigONE Exchange Unveils Star ProgramBigONE, one of the world’s safest cryptocurrency trading platforms, is excited to launch its new Star Program, a referral system that comes
Bitcoin Bull Run Isn’t Over: Cathie Wood Predicts $1.5 Million
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Price Skyrockets Above $71,000: Key Reasons Explained
Este artículo también está disponible en español. The Bitcoin price has surged past the $71,000 mark today. Over the past five days, Bitcoin’s price has rallied by
Moneygram Halts Using Ripple Due to SEC Lawsuit Over XRP Cryptocurrency
Moneygram Halts Using Ripple Due to SEC Lawsuit Over XRP Cryptocurrency Moneygram has announced that it has suspended using Ripple’s platform due to the la