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

Photograph: Reuters

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 change, bought 14 million models of its firm shares at a purchase order value of $5 per unit. Every of those models consists of 1 Class A atypical share and one warrant to buy one-half of 1 Class A atypical share.

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

Main Enlargement Plans 

The corporate detailed that the recent capital might be used for analysis, growth, manufacturing and gross sales of ASICs and different supplied items of apparatus. Moreover, it’s 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 change within the first quarter of 2021. Nonetheless, the newest announcement didn’t point out something in regards to the crypto change.

The affect of the funding, together with the rising demand for crypto mining tools, is mirrored within the share value of the corporate, which surged virtually 8 % 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 making an attempt 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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