BTC Miner Maker Ebang Raises $70M in a Observe-on Public Providing

Chinese language crypto mining {hardware} producer, Ebang Worldwide (Nasdaq:EBON) closed its follow-on public providing, elevating near $70 million.

Introduced this week, the corporate, which is publically listed on a United States inventory trade, bought 14 million models of its firm shares at a purchase order worth of $5 per unit. Every of those models consists of 1 Class A extraordinary share and one warrant to buy one-half of 1 Class A extraordinary share.

Hangzhou-based Ebang makes Ebit-branded Bitcoin mining machines and is likely one of the prime mining {hardware} makers on the planet. It is likely one of the few such corporations which efficiently made its public debut on a inventory trade after a number of failed makes an attempt.

Main Enlargement Plans 

The corporate detailed that the recent capital shall be used for analysis, improvement, manufacturing and gross sales of ASICs and different supplied items of kit. Moreover, it is going to use the proceeds within the enlargement of its cryptocurrency mining enterprise and the institution and operation of cryptocurrency mining farms.

This new funding got here solely a month after the Chinese language firm revealed its intentions to start out a cryptocurrency trade within the first quarter of 2021. Nevertheless, the most recent announcement didn’t point out something concerning the crypto trade.

The influence of the funding, together with the rising demand for crypto mining gear, is mirrored within the share worth of the corporate, which surged virtually eight % in Thursday’s buying and selling session.

In the meantime, different main Bitcoin mining {hardware} makers like Bitmain and MicroBT, which have a a lot bigger market share than Ebang, are additionally attempting for pubic listings. The hostility of Asian exchanges in direction of crypto enterprise pushed them to America, however they’re nonetheless ready for approval.

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