Fun

Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week

News Feed - 2020-06-24 11:06:36

Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week


On Friday, June 26, the China-based Zhejiang Ebang Communication, often referred to as Ebang, will be listed on Nasdaq, according to various reports. Ebang’s initial public offering (IPO) will be the second U.S.-based IPO for an ASIC mining manufacturer joining the company Canaan. The Ebang IPO prospectus was also updated on June 17, raising the fundraising goal to $106 million after the company previously filed for $100 million.


A myriad of regional reports indicates that the Chinese company, Ebang will be listed on the American stock exchange Nasdaq located in New York City this Friday. Nasdaq is the second most popular stock exchange in the U.S., ranked only behind the New York Stock Exchange (NYSE).


News.Bitcoin.com reported on rumors of Ebang filing an initial public offering prospectus on December 6, 2019. The initial $100 million filing with the U.S. Securities and Exchange Commission actually took place on April 24, 2020. The filing notes that when the shares are listed on the Nasdaq Global Market exchange the ticker symbol will be EBON.




Following the original filing last April, weeks later on June 17, Ebang submitted it’s Q1 2020 earnings and updated the fundraising goal from $100 million to $106 million. After the update, the crypto pundit Samson Mow tweeted an invitation sent to him in regards to Ebang’s IPO afterparty. The afterparty is allegedly scheduled for Friday, June 26, and a report published by the regional publication Blockbeats confirms the listing launch as well.


Ebang International Holdings decided to choose Nasdaq and offer 19.3 million shares. The company shares will be sold at a price range between $4.50 to $6.50 per share. Calculations show that the firm would have a market valuation of $721 million.


Of course, Canaan Creative also filed for an IPO in the United States as well with the SEC, and its original goals were to raise $400 million on the Nasdaq Global Market. That never came to fruition, and on November 21, when the Chinese mining rig manufacturer Canaan launched its initial public offering (IPO) sale, it only sold $90 million worth of U.S. shares.




Canaan shares initially sold for $8.99 and today shares are selling for $2.12 per CAN (NASDAQ: CAN), which is a 76.4% loss in value. Additionally, the two mining manufacturers who have not gone IPO just yet, Bitmain and Microbt, still control a dominant share of mining rig sales worldwide.


With Ebang’s plans to launch on Nasdaq on June 26, under the symbol EBON, the company has enlisted Prime Number Capital, AMTD Global Markets, and Loop Capital Markets as book-runners. The company founded in 2002, will hold an IPO celebration ceremony at a hotel in Hangzhou, according to the local reports.


The recent IPO sent to SEC indicates that while Ebang made $109 million last year, the company also had a $41 million deficit in 2019. The firm is run by CEO Don Hu, CFO Lei Chen, and the deputy general manager Chunjuan Peng.


Ebang is also involved in an ongoing lawsuit initiated by Shenzhen-listed Wholeasy’s subsidiary “Beijing Cailiang.” The lawsuit involves an $80 million mining investment gone sour and Ebang claims that Cailiang played a victim and wholeheartedly disagrees with the lawsuit.


Despite the litigation and revenue losses, Ebang’s IPO will likely happen unhinged this Friday. It’s not uncommon for mining manufacturers to be embroiled in lawsuits, as many of the top four firms are involved in litigation proceedings and also lost revenue in 2018 and 2019 as well.


What do you think about Ebang being listed on Nasdaq on Friday, June 26, 2020? Let us know what you think in the comments section below.Bitcoin ASIC Miner Manufacturing Domination: Bitmain and Microbt Battle for Top PositionsMINING | 2 days agoBitcoin Mining Heats Up: High Difficulty Adjustment, Pool Consolidation, Less Concentration in ChinaMINING | 7 days agoTags in this storyASIC, ASIC chips, BCH Mining, Bitcoin Cash Mining, Bitcoin mining, Bitmain, BTC Mining, Can, Canaan, canaan creative, Chinese Mining Rig Manufacturers, Ebang, initial public offering, ipo, Microbt, nasdaq, Nasdaq Listing, Q1 Earnings, SEC, Securities and Exchange Commission, U.S.


Image Credits: Shutterstock, Pixabay, Wiki Commons, Ebang, NasdaqSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading journey today here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement 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

Parsing Satoshi: What the Malmi emails reveal about Bitcoin’s creator
Andrew Singer9 hours agoParsing Satoshi: What the Malmi emails reveal about Bitcoin’s creatorThe correspondence portrays a more informal, conversational Satoshi Nakamoto, but perhaps suffering from job “burnout.”16
Future Of Bitcoin: Michael Saylor Envisions Market Cap Climbing To $200 Trillion
Este artículo también está disponible en español. In a recent interviewwith CNBC, Michael Saylor, co-founder of Strategy, reiterated his bullish outlook on Bitcoin (BTC),
Why is Dogecoin price up today?
Yashu Gola9 hours agoWhy is Dogecoin price up today?Dogecoin is surging on the prospects of interest rate cuts in September and the excitement of a potential pro-crypto stance from Donald Trump.1511 Total views1 Total sh
UK risks quantum startup exodus after Labour slashes incentives
Tristan Greene7 hours agoUK risks quantum startup exodus after Labour slashes incentivesA study from August 2023 suggested there were more than 50 UK-based quantum technology startups.793 Total views8 Total sharesListen
Kraken considers dropping USDT in Europe ahead of new regulations
Ana Paula Pereira6 hours agoKraken considers dropping USDT in Europe ahead of new regulationsWith new regulations in Europe set to enforce strict limits on transactions and reserve requirements, Kraken is assessing its s
Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms
Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms On April 1, Bitcoin.com News published an in-depth report on the Smart Bitcoin
German gov’t transfers $172M in Bitcoin to multiple locations
Arijit Sarkar13 hours agoGerman gov’t transfers $172M in Bitcoin to multiple locationsThe German government’s latest Bitcoin transfers could impact the market significantly, as it moves 3,000 BTC to various crypto ex
Iran Legalizes Crypto Mining Within Days of a Chinese Plea for ‘Better Conditions’
Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities.According to the Iran Chamber of Comm
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency
Uzbekistan Bans Citizens From Buying Crypto, They Can Only Sell
Uzbekistan Bans Citizens From Buying Crypto, They Can Only Sell Authorities in Uzbekistan have effectively banned residents from purchasing cryptocurrencies on digital asset exch
Tezos NFT Market Hic et Nunc Returns After Founder Steps Back, Begins Transition to DAO
Tezos NFT Market Hic et Nunc Returns After Founder Steps Back, Begins Transition to DAO Last week, the popular Tezos-based non-fungible token (NFT) marketplace Hic et nunc disconti
Trump Coin Accused Of 100% Grift, Says YouTuber Coffeezilla
Este artículo también está disponible en español. The latest meme coin launch by incoming US President Donald Trump seems to have upset the cryptocurrency industry with s