Bitcoin mining manufacturer Ebang to IPO on Nasdaq

Today China based Bitcoin mining manufacturer Ebang filed an amended F-1 form, stating that it applied to list on Nasdaq and anticipates its IPO launch price will be between $4.50 and $6.50 for its 19.3 million shares offered. The price range implies the company is targeting to raise $86 million to $125 million.

Ebang initially filed its IPO prospectus in April, but did not disclose specific details. In 2019 the company lost $42 million on revenue of $109 million. This compares to a $12 million loss on revenue of $319 million in 2018.

Why it matters:

• When and if Ebang completes its offering it will become the second publicly traded bitcoin mining manufacturer in the U.S. after Canaan.
• The offering comes at a time of increased regulatory scrutiny of Chinese firms in the U.S, which Ebang listed as a risk factor in its filing.