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

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

The bitcoin ASIC mining rig producer, Ebang International 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. Since the preliminary sale on opening day, Ebang’s Nasdaq-listed “EBON” is down 11.5%.

So far, the Nasdaq shares dubbed “EBON” haven’t modified an excessive amount of in value and for the reason that IPO launch. This week Ebang additionally revealed it’s launching an offshore crypto alternate later this 12 months.

The agency Ebang International Holdings is an ASIC mining rig producer that focuses on fabricating bitcoin miners. Last Friday, on June 26, the corporate joined its mining rig manufacturing competitor Canaan on the Nasdaq inventory alternate.

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 $4.85 and by Four p.m. ET, it was as much as $5.

Read More:  Bitcoin Volatiliy Levels Hint “Great Sell-Off,” Skew Data Finds

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

However, since then EBON is presently buying and selling at $4.29 on July 2, 2020, struggling a lack of -11.5% for the reason that opening value on Friday. At the time of publication, 24-hour stats present the value of EBON is up 0.33% on Thursday.

So far Ebang is doing significantly better than Canaan Creative’s preliminary IPO run, which noticed the corporate elevate much less on opening day promoting solely $90 million. Canaan (NASDAQ: CAN) initially bought for $8.99 and at this time it’s buying and selling for $1.88. This means since Canaan launched on CAN on November 21, the Nasdaq itemizing misplaced -79% since opening day.

Of course, Ebang’s IPO is far newer and Canaan’s inventory has been listed on Nasdaq for months. Despite the truth that each ASIC mining producers are listed on Nasdaq, Ebang wholeheartedly thinks they’re separate from the competitors.

“According to public info disclosed by Canaan Inc., its key improvement course is specializing in [artificial intelligence] AI,” an Ebang consultant advised the press this week. “Although we’re friends in bitcoin mining machine trade, Ebang focuses on the blockchain trade chain, integrating the digital financial system industrial ecosystem,” the consultant added.

Read More:  If History Repeats, This Trend Could Put a Bloody End to Chainlink’s Macro Strength

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

Moreover, the CFO defined that Ebang goes to attract in 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 nations.

What do you concentrate on Ebang’s IPO launch final Friday and the alternate announcement? Let us know what you suppose within the feedback part under.

The publish Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange appeared first on Bitcoin News.

EditorialTeam

Add comment