Chinese Bitcoin miner manufacturer Ebang listing on the NASDAQ this week !
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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Hello @vlemon, this point you make is important. I don't know much about the stock market movement, but, it's a bit of a risky move to get into now considering the current situation.
However, I think that digitalization and the use of krypton currencies will be increasing, I hope so. And that could make you think that actions related to this technological area could be profitable in the future. However, the second example you bring has shown that the price has collapsed. Surely today's reality made that happen.
You have to see how everything develops.
I prefer a BTC to invest and diversify. More than a BTC stock.
Hello there @josevas217,
I also agree with you. The point to be in crypto is to have something different from the traditional assets that we use.
Cheers,
From 9 dollars to 2 poor investors, I am a little more optimistic than you. I think that when an organization enters the stock market, it becomes more transparent. I think that will help the crypto market.
This is definitely something that could happen and help us judge the costs/revenues parts
There's actually no doubt that there may be an increase in price when the Chinese Bitcoin get listed on that exchange which will be a huge benefit to the investors.
Thanks for sharing this great post with love from @hardaeborlaand and I hope you have a great day ahead
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They need Bitcoin to go up to make money but I do not think this listing would make Bitcoin go up in the short term :D. But more money in the ecosystem