Chinese Bitcoin Miner Maker Ebang Is Planning a U.S. IPO Following Canaan and Bitmain
Ebang, or Ebit maker, China’s leading maker of bitcoin mining equipment, is planning an initial public offering (IPO) in the U.S., people familiar with the matter disclosed.
The Hangzhou, China-based company, with a 9.2% share of the global mining hardware market, is the world’s third-largest bitcoin mining hardware manufacturer, lying behind only Bitmain and Canaan.
According to Zhang Li, partner of a blockchain venture capital LinkVC, “Confirmed by the company, Ebit is undertaking an IPO in the U.S., planning to list on the Nasdaq as well”, “go, go, China’s mining industry!” added Zhang.
8btc has reached out to Ebang for more details, but the company refused to comment on it.
On November 21, the second-largest manufacturer of bitcoin mining rigs Canaan (Nasdaq: CAN) has just concluded its IPO with $90 million raised and rang the opening bell at Nasdaq. Dominant player Bitmain also has an IPO application pending with the Nasdaq, which is reportedly filed this October with the raise target being $500 million.
The successful public listing of Canaan marks the first time a major blockchain/crypto startup takes their business public to be traded on traditional markets, which is a great boost to other industry practitioners who are seeking to integrate with the traditional capital market.
Prior to it, the trio in the Chinese bitcoin mining sector had sought public in Hong Kong but all failed. These bitcoin miner mega-sellers’ U.S. IPO plans come as they report soaring demand for crypto mining machines amid bitcoin rally this April. Canaan’s successful IPO seems to indicate that the U.S. capital market is more inclusive and decisive towards the nascent industry comparing to the hesitation from Hong Kong.
Founded in 2010, Ebang Communication started with manufacturing hardware products for the telecommunication industry. The company later moved into the cryptocurrency mining business after rolling out its own Ebit miners in 2018 which helped the company rise to fame and compete with dominant players Bitmain (Antminer maker) and Canaan (Avalon producer).
The company first tried to take its shares public on the Hong Kong exchange on June 24, 2018, and updated its filings the following December when the first application was about to expire.