The China-based bitcoin mining hardware manufacturer Ebang Communication recently filed to go public on the Hong Kong Stock Exchange (HKEX). The company, which is the third largest producer of the famous ASIC chips for Bitcoin mining, filed an application to hold its initial public offering (IPO) on Monday on HKEX.
The news was initially reported by the regional industry outlet 8btc, to later spread out among all outlets. Previously, Reuters reported that Ebang was planning to raise as much as $1 billion through its IPO but the plans have gone sideways before the company’s prospectus documents surfaced.
Right now, Ebang claims to have an 11% market share of the Bitcoin ASIC market. This is a figure that will likely increase following the release of the 7-nanometer chips. There is another firm – the Japan-based GMO Internet – which also unveiled 7nm chips that are significantly more efficient than the industry-leading 10nm chips released by Samsung in 2017.
When it comes to success, Ebang has experienced a 30-fold growth over the past three years. From 29.2 million ($4.5 million) in 2016, it brought in 925.4 million RMB ($142 million). What’s more interesting is that in addition to developing the thinner chips, the company also plans to expand its business by developing chips for other mining algorithms.
Currently, Ebang is the second major bitcoin mining firm that will file to go public in Hong Kong. Previously, Canaan Creative – which is the second-largest bitcoin mining manufacturer – also filed its IPO application, hoping to raise more than $1 billion in its public offering.
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