Crypto Mining Hardware Maker Ebang To Raise $100 Million U.S. IPO

According to a filing with the Securities and Exchange Commission (SEC)Ebang International Holdings, a cryptocurrency mining hardware manufacturer is looking to raise up to $100 million from an initial public offering (IPO).

This isn’t the first time the mining hardware manufacturer has attempted to go public. In 2018, it tried be listed on the Hong Kong Stock Exchange (HKEX) while looking to raise up to $1 billion via an initial public offering. However, Ebang ended up allowing its application to lapse.

The Hangzhou-based firm had generated over 82% of its revenue in 2019 making these crypto miners, raking in a whopping $109 million. The figure was down 66% from 2018, experiencing a net loss of $41.1 million. Ebang noted that next month’s bitcoin halving, regulatory changes in China, and the potential price moves associated with the COVID-19 outbreak could affect its revenue.

[image: Pixabay]

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