Bitcoin Ebang miner prepares IPO in the US

Ebang, a Chinese company specializing in mining of Bitcoin, plans to make a Initial Public Offering of $ 100 million on the NYSE where the Nasdaq.

According to a document published by the Security Exchange Commission (SEC) of the United States, the manufacturer of crypto-mining devices Ebang has officially filed a IPO request to the USA, report Coindesk.

Based in Hangzhou, China, the company had previously attempted to IPO ($ 1 billion) on the Hong Kong stock exchange in 2018, without success, and is now trying its luck at United States.

Ebang intends to register its shares with the New York Stock Exchange (NYSE) or to Nasdaq Global Market, under the symbol "EBON", according to the form.

One of his rivals, the Chinese Canaan, had also failed in Asia in 2018 to finally raise $ 90 million when it IPO on the Nasdaq in fall 2019.

Last year, Ebang achieved 82% of its turnover thanks to its design and sales activity ASICs (Ebit machines) dedicated to bitcoin mining. Compared to 2018 (319M), its sales fell sharply in 2019 to reach $ 109 million.

The drop in the price of Bitcoin in 2018 and the first quarter of 2019 resulted in a significant drop in our sales volume and the average sale price of our machines. Although the price of Bitcoin started to go up in the second quarter of 2019, our operations are generally lagging behind the increase in price, and we recorded revenue of $ 109.1 million in 2019 , ”Explains the firm.

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As bitcoiners prepare for the next halving of mining awards in May, Ebang believes that other factors, such as the development of regulation in China or the crisis related to coronavirus, could further disrupt its activity.