|Headquarters||Hangzhou, Zhejiang, People’s Republic of China|
|Key People||Dong Hu|
|Products||ASICs-based bitcoin miners|
Ebang is a Chinese designer and distributor of bitcoin mining machines. Its brands are EBIT miners.
Ebang is one of a handful of highly competitive Chinese "fabless" producers of dedicated bitcoin mining technology. ("Fabless" refers to fabrication-less producers that design key components and assemble, sell and distribute the computers. Ebang, like its competitors Bitmain and Canaan Creative, designs application-specific integrated circuits for bitcoin mining.
Seeking to raise between $86 and $125 million in an IPO on Nasdaq, Ebang filed an equities registration statement with the U.S. Securities and Exchange Commission in April 2020. The launch of trading in the new shares is scheduled to take place on June 26. Prospects for the IPO are uncertain since Ebang has not been profitable since 2018, although its revenues in Q1 2020 were healthy at $6.4 million.
Ebang's IPO will be the second one of a Chinese bitcoin ASICs company, after Canaan Creative's November 2019 listing on Nasdaq.
Ebang was originally called the Zhejiang Ebang Communication Technology Company when it was founded in 2010. Starting in early 2014, the company became interested in blockchain applications and bitcoin mining technology. In 2016 Ebang grew by acquiring 51.05% of the equity interest in Hangzhou Dewang Information Technology Co., Ltd., which it continues to operate as Hangzhou Dewang. In 2018, focusing more on bitcoin mining applications, Ebang adopted its current formal name, Ebang Holdings.
- Bitcoin Miner Maker Ebang Estimates $2.5M Loss for Q1 in IPO Prospectus Update. CoinDesk.
- Form 1 Registration Statement. U.S. Securities and Exchange Commission.