Market Overview

Another Chinese Bitcoin Mining Device Maker Files To Go Public In US

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Another Chinese Bitcoin Mining Device Maker Files To Go Public In US

Bitcoin (BTC) mining equipment manufacturer Ebang International Holdings has filed to go public in the United States, CoinDesk reported Saturday.

What Happened

In a filing with the Securities and Exchange Commission on April 24, Ebang said it is looking to raise up to $100 million in the initial public offering with each Class A ordinary share priced at $0.00013, CoinDesk noted.

The company based in Hangzhou, China, said it intends to apply to get its shares listed on either the New York Stock Exchange or the Nasdaq Stock Market under the ticker "EBON."

The underwriters for the IPO include Hong Kong-based asset management firm AMTD Global Markets Ltd. and Chicago-based investment banking firm Loop Capital Markets LLC., according to the filing.

Why It Matters

Ebang is the latest in a string of Chinese companies looking to go public in the U.S., even as they face increased scrutiny over risk of securities fraud, after the Luckin Coffee Inc. (NYSE: LK) incident.

Rival Bitcoin mining equipment maker Canaan Inc. (NASDAQ: CAN) went public at Nasdaq in November last year. Its stock is down 53% from the IPO offering price of $9 at press time at $4.23.

Bitmain, which has the largest market share in the mining equipment industry, has also been looking to go public in the U.S. for over a year, as reported by Bloomberg.

All three companies sought to go public in Hong Kong earlier unsuccessfully.

Price Action

Bitcoin shares traded 2% higher at $7,759.08 at press time on Sunday.

 

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