Bitcoin Mining Chip Producer Ebang Files Hundred Million USD Initial Public Offering

Ebang, the renowned manufacturer of BTC mining chips, has filed for a hundred million USD Initial Public Offering in the US. The company is looking to mete out Class A ordinary shares at a face value of 0.00013 USD per share. The BTC mining chip manufacturer is planning to list on either the New York Stock Exchange or Nasdaq Global Market under the ticker EBON.

Previously, the company aimed to carry out one billion USD Initial Public Offering in Hong Kong. For the same, Ebang submitted the filing in June 2018. Notably, the offering had been stopped by the end of the same year.

Last year, Ebang generated around eighty two percent of revenues from its application-specific integrated circuit chips and fabless integrated circuits for miners. It is to be noted that the annual revenue for the mining firm was around one hundred and nine million USD as compared to around three hundred and nineteen million USD in 2018. Furthermore, falling demand for mining hardware amid sinking cryptocurrency prices led to a sixteen percent plunge in the company’s growth.

As per the IPO filing by Ebang, the plunge in the price of BTC in 2018 and the 1st quarter of 2019 caused a substantial reduction in the sales volume and the usual selling price of the BTC mining machines.