An exciting IPO should be happening on the NASDAQ this week.
To the best of my knowledge this would be the 2nd miner juggernaut to be listed in the Stock Market.
This is not their first try as they unsuccessfully attempted to conduct a $1bn IPO in Hong Kong back in 2018.
The current amount that they are trying to raise just show how the profitability and excitement has kind of faded away.
Today, almost 2 years later they are raising capital at a valuation of $880mn (-12% vs 2018's goal) and they probably burned cash during the past 2 years.
As written by Cointelegraph:
The Chinese mining player aims to raise $106 million by putting 19.3 million shares on sale at a price range of $4.50 to $6.50, meaning that it now intends to raise up to $125 million, while the initial proposal was hard capped at $100 million. If the IPO is successful, Ebang’s market value could come close to $800 million.
This is not overly positive for the industry and I hope they are raising these funds with this with a clear business plan and will deliver on it.
Hopefully, the stock will perform well on the stock market or at least better than their competitor Canaan.
The first one was Canaan, another Chinese mining company
In November 2019, Canaan became the first Bitcoin mining giant to be listed on a U.S. stock exchange, it raised $90mn at $9 per share.
Well it did not work as expected as the shares are now trading under 2$ not even a year after the IPO.
Bitmain (also Chinese), quietly filed a Deutsche Bank-backed application for an IPO with the SEC toward the end of 2019. But they decided not to go through and we do not have any details since !
Would you invest in a Bitcoin Mining Stock?
If yes, would you rather have 1BTC or 1BTC worth of a Bitcoin mining stock?
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