Mining chip maker Bitcoin Ebang International Holdings Inc. is seeking to raise up to $ 100 million through an initial public offering in the United States. The Chinese company will sell Class A common shares with a par value of HK $ 0.001 (US $ 0.00013) per share if its IPO filing is approved.
In one deposit Last Friday, Ebang announced its intention to list its shares on the New York Stock Exchange (NYSE) or on the Nasdaq Global Market, under the symbol EBON.
The proceeds of the offering will be primarily used for the “development and introduction of new mining machinery, branding and corporate marketing activities, and the expansion of overseas business and new enterprises”, a declared the company.
Founded in 2010, Ebang is one of the largest manufacturers of bitcoin mining equipment in the world. He designs and manufactures the Ebit range of ASIC chips used in bitcoin mining. In 2019, Ebit chips represented 82% of the company’s revenue.
The E12 series mining machines with a chop rate capacity of up to 50 TH / s and a computing power efficiency of 57 W / 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 were beaten. His 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 the previous year.
Crisps sales fell 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 dropped 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 price and quantity, and we expect this trend to continue. In addition, the significant drop in the price of bitcoin should have a negative effect on the value of our stock of bitcoin mining machines and encourage us to increase sales on credit, “said Ebang.
What do you think of the ambition of the stock market listing of Ebang in the United States? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Ebang
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