According to new reports, a Chinese Bitcoin (BTC) miner manufacturer will be listed on the U.S. stock exchange, Nasdaq on Friday, June 26. Ebang could raise $125 million in an initial public offering, if successful.Â
Chief Strategy Officer at Blockstream, Samson Mow, made a tweet showing a screenshot of an invite to an Ebang event related to the listing on the U.S. exchange.
The listing would make Ebang the second cryptocurrency mining company to go public in the United States. It would be listed under the ticker, EBON.
Ebang has made previous attempts to raise funding through public offerings. The organization decided to enter the U.S. stock market after failing to conduct a $1 billion IPO in Hong Kong in 2018. In April, it filed for a $100 million initial public offering (IPO) with the United States Securities and Exchange Commission in April. Later in June, Ebang submitted a filing to the SEC, requesting for Nasdaq to be the exchange it lists on.Â
Ebang could raise $106 million through the sale of 19.3 million shares at between $4.50 and $6.50. While its initial proposal was hard capped at $100 million, the organization’s market value could rise to $800 million. This figure may come as a surprise to many analysts as its sales have been decreasing since 2018. In 2019, the cryptocurrency company’s annual revenue was $109 million, representing a 66% drop in growth from $319 million in 2018.
With its relatively low electricity costs and seemingly improved relations between government entities and cryptocurrency companies, more organizations like Ebang could find themselves listed on the world’s largest stock exchanges.
Earlier in the year, one of China’s main Bitcoin mining power sources called for more blockchain firms to use hydropower for their operations. Ya’an issued public guidance which shows that the government is looking to make the city a high-quality example for the consumption of excessive hydropower.Â
