Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange
The bitcoin ASIC mining rig manufacturer, Ebang International Holdings, was recently listed on Nasdaq last Friday on June 26. Ebang is now the second mining rig manufacturer to have a U.S. initial public offering (IPO) by selling company shares. Since the initial sale on opening day, Ebang’s Nasdaq-listed “EBON” is down 11.5%.
So far, the Nasdaq shares dubbed “EBON” haven’t changed too much in price and since the IPO launch. This week Ebang also revealed it is launching an offshore crypto exchange later this year.
The firm Ebang International Holdings is an ASIC mining rig manufacturer that specializes in fabricating bitcoin miners. Last Friday, on June 26, the company joined its mining rig manufacturing competitor Canaan on the Nasdaq stock exchange.
The launch of NASDAQ: EBON on Friday, saw 19.3 million shares offered and the firm raised $101 million. On June 26, at 12 p.m. ET, EBON stocks on Nasdaq opened at $4.85 and by 4 p.m. ET, it was up to $5.
However, since then EBON is currently trading at $4.29 on July 2, 2020, suffering a loss of -11.5% since the opening price on Friday. At the time of publication, 24-hour stats show the price of EBON is up 0.33% on Thursday.
So far Ebang is doing much better than Canaan Creative’s initial IPO run, which saw the company raise less on opening day selling only $90 million. Canaan (NASDAQ: CAN) initially sold for $8.99 and today it is trading for $1.88. This means since Canaan launched on CAN on November 21, the Nasdaq listing lost -79% since opening day.
Of course, Ebang’s IPO is much newer and Canaan’s stock has been listed on Nasdaq for months. Despite the fact that both ASIC mining manufacturers are listed on Nasdaq, Ebang wholeheartedly thinks they are separate from the competition.
“According to public information disclosed by Canaan Inc., its key development direction is focusing on [artificial intelligence] AI,” an Ebang representative told the press this week. “Although we are peers in bitcoin mining machine industry, Ebang focuses on the blockchain industry chain, integrating the digital economy industrial ecosystem,” the representative added.
Additionally, Ebang says it plans to create more revenue by launching an offshore exchange. Ebang’s chief financial officer (CFO), Chen Lei, told Bloomberg that the exchange will likely double the company’s revenue. Chen said that the company, at the very least, expects to hit that target by 2022.
Moreover, the CFO explained that Ebang is going to draw in sales from other nation-states. The interview with Chen Lei highlights that 90% of Ebang sales stem from mainland China, while the rest are being sold in other countries.
What do you think about Ebang’s IPO launch last Friday and the exchange announcement? Let us know what you think in the comments section below.
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