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Chinese Bitcoin Miner to Open Stock Market in US

by Financial Economy

Ebang, the China-based bitcoin miner, will be listed on Nasdaq this week

Chinese Bitcoin miner Ebang will be listed on the Nasdaq Global Markets Index with the share code “EBON.” Ebang will become the second cryptocurrency mining company to go public in the United States.

Friday, June 26, Ebang will be officially listed, the CoinTelegraph reports, citing Chinese cryptocurrency news outlet Blockbeats. Samson Mow, also Blockstream’s CSO, shared a screenshot of the event in a Twitter message that Ebang will be performing at a hotel in Hangzhou, where its headquarters are also located. The event in question also begins on Friday.

Ebang had applied to the U.S. Securities and Exchange Commission (SEC) for a $ 100 million IPO (IPO) in April this year. The company had decided to go public in the US in 2018 following a successful $ 1 billion IPO venture it had tried in Hong Kong. The company, which submitted its final paperwork to the SEC on June 17, opted for the Nasdaq Stock Exchange to be listed.

The Chinese mining company expects to generate $ 106 million in revenue from the 19.3 million shares it has put up for sale. The price range in the IPO will be $ 4.50 to $ 6.50. If successful, the company’s market value could be $ 800 million.

Ebang’s sales have been falling since 2018. The company’s annual sales revenue was $ 109 million in 2019. That means it recorded a 66 per cent drop compared to revenue of $ 319 million in 2018.

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