Bitcoin Miner Manufacturer Ebang Files for $100m US IPO

One of the world’s largest bitcoin mining machine makers is looking to list its shares in the U.S.

According to The Block, Ebang International has formally filed for a U.S. IPO.

The Zhejiang, China-based company is looking to raise $100 million either on the Nasdaq or the NYSE and is hoping to list its shares under the symbol “EBON.”  

The shares will be Class A ordinary shares – with a face value of $0.00013 per share – and the IPO will be co-underwritten by Hong Kong-based AMTD Global Markets Limited and Chicago-headquartered Loop Capital Markets.

This is not the first time the company attempted to go public. Ebang filed to list in Hong Kong back in 2018 hoping to raise $1 billion. Obviously, that plan did not materialize.

The move also comes after one of its rivals went public in the U.S.:

Ebang rival Canaan Creative, also based in China, went public in the U.S. last year. It raised $90 million (compared to a targeted amount of $400 million) by listing its shares on Nasdaq in November. But Canaan’s shares have taken a beating and are down by around 53% since its listing.

Photo:  Alex Proimos from Sydney, Australia