Bitcoin mining firms are expected to take a blow due to the global coronavirus crisis. In the case of Ebang, that may not necessarily be the case, as an IPO has been filed with the SEC.
It is commendable to see Bitcoin mining firms look toward the future during these uncertain times.
A Bold Move by Ebang
As far as hardware manufacturers are concerned, most people have never heard of Ebang.
That hasn’t prevented the company from growing and expanding rather rapidly.
Things have gotten so interesting that Ebang will try to launch its Initial Public offering, or IPO, in the near future.
The IPO documents filed confirm this is a $100 million offering, with shares being sold at $0.00013 per piece.
If the SEC approves the request, Ebang wants to get listed on either the Nasdaq or NYSE under the EBON ticker.
It is not the first time that Ebang wants to go public.
A first filing was made in June of 2018, but withdrawn within six months.
The current filing is surprising, primarily because the firm noted a near $31 million loss in 2019.
That may prove to be a hindrance for a company active in an uncertain industry.
Given the current coronavirus crisis, it seems unlikely that the firm will turn a profit again for the foreseeable future.