Bitcoin Mining Equipment Maker Ebang Files $100 Million IPO for US Stock Market Listing

Bitcoin mining chip maker Ebang International Holdings Inc. is seeking to raise up to $100 million through an initial public offering (IPO) in the U.S. The Chinese company will sell Class A ordinary shares of nominal value HK$0.001 (US$0.00013) per share if its IPO filing is approved.

In a filing with the U.S. Securities and Exchange Commission on Friday, Ebang said it intends to list its shares on either the New York Stock Exchange (NYSE) or Nasdaq Global Market, under the ticker symbol EBON.

Proceeds of the offering will be primarily used for the “development and introduction of new mining machines, corporate branding and marketing activities, and expansion of overseas business and new businesses,” the company stated.

Founded in 2010, Ebang is one of the world’s largest bitcoin mining equipment makers. It designs and manufactures the Ebit line of ASIC chips used in bitcoin mining. In 2019, Ebit chips accounted for 82% of the company’s revenue.

The E12 series mining machines…