The Chinese ASIC mining rig manufacturer Bitmain reportedly pulled in $300 million in revenue during Q1 2020. Meanwhile, as Bitmain claims to be regaining market share, the firm Ebang recently applied with the U.S. Securities and Exchange Commission (SEC) for initial public offering (IPO) status. However, the prospectus sent to SEC shows that while Ebang made $109 million last year, the company also had a $41 million deficit in 2019.
Ebang’s IPO Prospectus Shows a $41 Million Deficit and Plans for an Exchange
Bitcoin mining is feverishly hot these days, especially just before the great Bitcoin reward halving that will take place on or around May 12, 2020. During the last six months, there’s only a handful of ASIC mining rig manufacturers and all of them stem from China. This includes companies like Bitmain, Ebang, Strongu, Innosilicon, Microbt, and Canaan. There are a few other manufacturers, but the firms are not nearly as sizable as these six businesses. Just recently, the company Ebang filed for a $100 million initial public offering (IPO) in the U.S. and the company will await a decision from the SEC. Although, the firm’s prospectus shows that Ebang suffered from some losses in 2019, and it may reflect the IPO’s initial raise.
Ebang’s prospectus shows the firm made over $109 million in 2019, but it also had a deficit of around $41 million. The prospectus shows that the company’s roadmap also includes more than just ASIC manufacturing, as Ebang looks to launch a digital currency trading platform internationally as well. Last year, the ASIC manufacturer Canaan bid it’s IPO with SEC for $400 million on the Nasdaq Global Market. But when the Chinese mining rig manufacturer Canaan Inc. launched its initial public
