Chinese mining device manufacturer Bitcoin, Ebang, announced that it will make its Nasdaq debut this week. The firm will start with an initial public offering (IPO) of $125 million dollars, which it hopes to raise to regain strength in the market.
In this way, the firm dedicated to the manufacture and export of ASICs, becomes the second of its kind to be listed on the stock market. The other company is the also Chinese Canaan Creatives.
The information on the imminent debut of Bitcoin’s mining machine manufacturer, Ebang, on the New York stock exchange was revealed by the Blockbeats portal. It was also reported that the company will be listed under the initials EBON.
Losses of 2.5 million dollars
Recently, it was reported that this Bitcoin mining company had recognized losses of $2.5 million. In a report to the Securities and Enchange Commission (SEC), Ebang detailed the magnitude of the setback suffered during the first quarter of 2020.
It should be noted that, at that time, the company assured that the amount of the IPO would be about $ 800 million. But, if this figure is reached, it could be considered a success.
It is important to take into account that the economic losses during that same period of time extended to all Bitcoin mining equipment manufacturers. Thus, Ebang’s debut does not seem to promise that this firm’s performance will be different from that of Canaan.
Bitcoin mining equipment manufacturer falls to Nasdaq
Bitcoin mining business gains ground in U.S. market
Bitcoin mining continues to show great potential for a strong entry into the U.S. market. Despite the problems recently reported by Canaan Creatives in the stock market, it is a booming business in which more and more investors are showing interest.
According to reports from Cambridge University’s Center for Alternative Finance, the epicenter of Bitcoin’s mining industry is moving to the U.S. Although China still occupies a large percentage of the hash, it has decreased significantly. While in North America, the increase has become evident.