Ebang Files for $100 Million US IPO Ahead of BTC Halving

Ebang International, a Chinese Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining hardware maker, has officially approached the United States for its initial public offering (IPO).

According to the F-1 form filed with the Securities and Exchange Commission (SEC) on Friday, the company is seeking to raise $100 million, a tenth of its previous failed target of $1 billion from going public in Hong Kong.

The offering will be for Class A ordinary shares with a face value of HK$0.001 ($ 0.00013) per share.

If approved, the Hangzhou-based company will list its stocks under the ticker EBON on either the New York Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (NYSE) or Nasdaq.

Hong Kong-based AMTD Global Markets Limited and U.S.-based Loop Capital Markets LLC are the official joint underwriters for the IPO.

Ebang is one of the top Bitcoin mining hardware makers and, according to reports, the official filing came after the company filed confidentially with the US regulator in February.

Late last year, Canaan Creative, a market competitor of Ebang, went public in the US, but the offering was dull as the company managed to raise $90 million, in the lower end of the offering.

Bitmain, the leading ASIC-based miner manufacturer, is also eying to go public in the US. The company has reportedly filed a confidential prospect with the SEC, however, it's not officially confirmed yet.

Going public when the numbers are not impressive

Ebang’s SEC filing also detailed that the company recorded $109 million in revenue last year, falling significantly from $319 million the previous year. The slumped figure turned a profit of $24.4 million in 2018 to a loss of $30.6 million last year.

Notably, 82 percent of Ebang’s last year’s revenue came from designing and selling the ASIC chips.

“The significant drop in the Bitcoin price is expected to have a negative effect on the value of our bitcoin mining machine inventory and incentivize us to increase credit sales,” the filing stated.

However, the market is expecting a bull run in the Bitcoin prices with the upcoming halving of mining rewards in the next couple of weeks.