Chinese mining company Ebang Bitcoin (ETC) is said to be listed on the Nasdaq global market under the EBON symbol later this week, becoming the second digital mining company to be released to the public in the United States.

According to a report by Blockbeats, a Chinese digital news outlet, Ebang will be officially listed on Friday, June 26. In addition, Blockstream CEO Samson Mau tweeted a screenshot of an invitation to an Ebang event held at a hotel in Hangzhou, where the company is based, which also begins on Friday.

Ebang’s goal is to raise $ 125 million and expand the original goal.
In April this year, Ebang requested a $ 100 million listing. The company decided to enter the US stock market after a failed bid to be listed on the Hong Kong Stock Exchange in 2018 for a billion dollars.

On June 17, the company submitted its last request to the US Securities and Exchange Commission, selecting NASDAQ as a listing.

The Chinese mining company intends to raise $ 106 million by selling 19.3 million shares at prices ranging from $ 4.50 to $ 6.50, which means that it now plans to raise up to $ 125 million, while the initial offer was worth $ 100 million. If the IPO succeeds, the market value of Ebang could be close to $ 800 million.

In particular, Ebang sales have decreased since 2018. Ebang had annual sales of $ 109 million in 2019, up 66% from $ 319 million in 2018.

According to recent bids, 2020 will not necessarily be the year of Ebang’s return, despite generally favorable market conditions. The company reported a net loss of $ 2.5 million. The United States for the first quarter of the year due to “a significant decrease in some municipal one-time tax exemptions”, although it noted that revenue increased since 2019.

“This is good for the mining industry in Bitcoin, as more and more ASIC manufacturers are deployed, we have more transparency and responsibility,” Coe Cointelegraph said, stressing that Ebang is “one of the most reliable manufacturers in this space” in its experience.

Other companies registered with Bitcoin
In November 2019, Canaan became the first Bitcoin miner listed on the U.S. stock exchange, raising $ 90 million by selling 10,000,000 shares at $ 9 per share in a public offering, which is 75% less than originally expected. In addition, shares have since fallen now trading less than $ 2.

Another Chinese mining giant, Bitmain, quietly applied to register with the SEC with the support of Deutsche Bank at the end of 2019, although it has not received details since then.

Source: CoinTelegraph

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