Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange

The bitcoin ASIC mining rig producer, Ebang Worldwide Holdings, was not too long ago listed on Nasdaq final Friday on June 26. Ebang is now the second mining rig producer to have a U.S. preliminary public providing (IPO) by promoting firm shares. For the reason that preliminary sale on opening day, Ebang’s Nasdaq-listed “EBON” is down 11.5%.

To this point, the Nasdaq shares dubbed “EBON” haven’t modified an excessive amount of in worth and for the reason that IPO launch. This week Ebang additionally revealed it’s launching an offshore crypto change later this yr.

The agency Ebang Worldwide Holdings is an ASIC mining rig producer that makes a speciality of fabricating bitcoin miners. Final Friday, on June 26, the corporate joined its mining rig manufacturing competitor Canaan on the Nasdaq inventory change.

The launch of NASDAQ: EBON on Friday, noticed 19.three million shares provided and the agency raised $101 million. On June 26, at 12 p.m. ET, EBON shares on Nasdaq opened at $four.85 and by four p.m. ET, it was up to $5.

Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange

Nevertheless, since then EBON is presently buying and selling at $four.29 on July 2, 2020, struggling a lack of -11.5% for the reason that opening worth on Friday. On the time of publication, 24-hour stats present the value of EBON is up zero.33% on Thursday.

To this point Ebang is doing significantly better than Canaan Artistic’s preliminary IPO run, which noticed the corporate elevate much less on opening day promoting solely $90 million. Canaan (NASDAQ: CAN) initially bought for $eight.99 and in the present day it’s buying and selling for $1.88. This implies since Canaan launched on CAN on November 21, the Nasdaq itemizing misplaced -79% since opening day.

In fact, Ebang’s IPO is way newer and Canaan’s inventory has been listed on Nasdaq for months. Although each ASIC mining producers are listed on Nasdaq, Ebang wholeheartedly thinks they’re separate from the competitors.

“In accordance to public data disclosed by Canaan Inc., its key improvement route is focusing on [artificial intelligence] AI,” an Ebang consultant advised the press this week. “Though we’re friends in bitcoin mining machine trade, Ebang focuses on the blockchain trade chain, integrating the digital economic system industrial ecosystem,” the consultant added.

Moreover, Ebang says it plans to create extra income by launching an offshore change. Ebang’s chief monetary officer (CFO), Chen Lei, advised Bloomberg that the change will doubtless double the corporate’s income. Chen mentioned that the corporate, on the very least, expects to hit that focus on by 2022.

Furthermore, the CFO defined that Ebang goes to attract gross sales from different nation-states. The interview with Chen Lei highlights that 90% of Ebang gross sales stem from mainland China, whereas the remainder are being bought in different international locations.

What do you consider Ebang’s IPO launch final Friday and the change announcement? Tell us what you suppose within the feedback part under.

Tags on this story
Bitcoin mining, BTC, Can, Canaan, canaan inventive, Cryptocurrency, Ebang, Ebang Worldwide Holdings, EBON, preliminary public providing, ipo, mining rigs, nasdaq, Offshore Exchange, shares, shares

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Ebang, Nasdaq

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