Mining Chip Maker Ebang Subsequent in Line to File for US IPO

Mining Chip Maker Ebang Subsequent in Line to File for US IPO

Bitcoin
December 6, 2019 by The Btc News
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Ebang, the ASIC chip and mining rig producer primarily based in Hangzhou, China is allegedly submitting for an preliminary public providing (IPO) within the U.S. following Canaan’s current Nasdaq itemizing and Bitmain’s secret IPO submitting. The world’s third-largest bitcoin mining {hardware} producer plans to comply with Canaan’s footsteps with an try to be listed on
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Mining Chip Maker Ebang Next in Line to File for US IPO

Ebang, the ASIC chip and mining rig producer primarily based in Hangzhou, China is allegedly submitting for an preliminary public providing (IPO) within the U.S. following Canaan’s current Nasdaq itemizing and Bitmain’s secret IPO submitting. The world’s third-largest bitcoin mining {hardware} producer plans to comply with Canaan’s footsteps with an try to be listed on the American inventory trade Nasdaq.

Additionally learn: Mining Large Bitmain Confidentially Information for U.S.-Primarily based IPO

Ebang Plans to File an IPO within the U.S.

Bitcoin mining has develop into an more and more aggressive trade and now three of the biggest mining {hardware} producers in China hope to leverage public choices. Just lately Canaan filed for IPO standing within the U.S. and shares are already listed below the ticker NASDAQ: CAN. Additional, over the last week of October, studies disclosed that Bitmain confidentially filed for a U.S.-Primarily based IPO. On December 4, regional information shops revealed that ASIC chip and mining rig firm Ebang plans to file for IPO standing within the U.S. within the close to future. The companion on the blockchain enterprise capital agency Linkvc, Zhang Li detailed that he “confirmed” the IPO submitting with the agency and “[Ebang] is planning to record on the Nasdaq as effectively.” “Go, go, China’s mining trade,” Zhang added.

Mining Chip Maker Ebang Next in Line to File for US IPO

The native crypto publication 8btc reached out to Ebang, however the Hangzhou-based agency declined to remark on the matter. Created in 2010, Ebang claims to seize roughly 9.2% of the share of mining tools gross sales worldwide. The Chinese language agency additionally filed for an IPO standing on Hong Kong’s inventory trade (HKEX), however let the submitting lapse in June. Bitmain filed for an IPO in Hong Kong however let the submitting expire as effectively. When Ebang filed for the Hong Kong IPO, sources stated the corporate would try to promote its inventory for $400 million. The HKEX submitting database that present’s Ebang’s prospectus famous the corporate misplaced important earnings in Q3 2018. “We skilled important decreases in income and gross revenue for the three months ended September 30, 2018, in comparison with the previous three months ended June 30, 2018,” Ebang’s HKEX submitting reads. The $400 million determine was diminished after the poor earnings in the course of the crypto winter of 2018 when it was initially reported by Reuters in August that Ebang was searching for $1 billion.

Mining Chip Maker Ebang Next in Line to File for US IPO
The mining producer Canaan is now listed on Nasdaq, and Bitmain Applied sciences has allegedly filed for IPO as effectively.

From Telecommunication {Hardware} to In-Home ASIC Manufacturing

It’s at the moment unknown what Ebang will try to boost when it information within the U.S., however Canaan raised $90 million. Allegedly, Bitmain’s confidential IPO submitting is taking pictures for $500 million and can use Nasdaq for itemizing as effectively. Ebang calls its mining system collection ‘Ebit’ and the Ebit E11++ is the eighth most worthwhile bitcoin miner available on the market in the present day at present costs.

Mining Chip Maker Ebang Next in Line to File for US IPO

The machine was launched in October 2018 and claims to course of 44 terahash per second (TH/s) with 1980W off the wall. Ebang simply bought out of the corporate’s newest launch, the Ebit E12+ that processes 50 TH/s of SHA256 hashrate utilizing its independently created 10nm chip known as the “DW1233.” The Ebit E12+ bought for $2,410 per unit on the firm’s webshop. The Ebit E11++ (44 TH/s) items are additionally bought out, however older Ebit fashions with decrease hashrates can nonetheless be bought.

Mining Chip Maker Ebang Next in Line to File for US IPO

Initially, when Ebang was created, the corporate devoted its efforts to manufacturing merchandise for telecommunication corporations, however later launched Ebit bitcoin miners. The newest transfer to go public additionally follows Ebang’s partnership with the HKEX-listed firm Madison in October. In keeping with studies, Ebang signed an MOU with Madison and the corporate would purchase greater than $100 million value of blockchain-related {hardware}.

What do you consider Ebang going public within the U.S.? What do you consider all three main Chinese language mining producers going IPO? Do you assume it will assist bolster the mining trade? Tell us what you consider this topic within the feedback part under.

Disclaimer: This text is for informational functions solely. It isn’t a suggestion or solicitation of a suggestion to purchase or promote, or as a suggestion, endorsement, or sponsorship of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any harm or loss precipitated or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.


Picture credit: Shutterstock, Ebang Communications, Canaan,


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Tags on this story
10nm Chips, Bitcoin, Bitcoin mining, Bitmain, Canaan, Ebang, ebang communications, Ebit, Ebit E12+, Hashrate, HKEX submitting, Hong Kong, preliminary public providing, ipo, Madison, mining, mining rigs, nasdaq, NASDAQ: CAN, Inventory Market
Jamie Redman

Jamie Redman is a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open supply code, and decentralized purposes. Redman has written 1000’s of articles for information.Bitcoin.com in regards to the disruptive protocols rising in the present day.





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