Bitcoin miner manufacturer Ebang raises $70 million in follow-on public offering

Chinese bitcoin miner manufacturer Ebang has raised $70 million in a follow-on public offering (FPO) that closed on Wednesday.

As part of the offering, the Nasdaq-listed company sold 14 million units at $5 per unit. Each unit consists of one class A ordinary share of Ebang and one warrant to purchase one-half of its one class A ordinary share. Each two warrants have an exercise price per class A ordinary share of $5.25.

With fresh capital at hand, Ebang looks to expand its bitcoin miner manufacturing business, launch a bitcoin mining business, and use the funds for general corporate purposes, including working capital needs.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The launch of the bitcoin mining business will help increase Ebang's revenue, said chairman and CEO Dong Hu. "We believe it will help the company's transformation from a hardware manufacturer to a blockchain company with comprehensive involvements in its industry chain," said Hu.

Ebang went public in June 2020 and raised more than $100 million in an initial public offering (IPO) at the time. The company also plans to launch a cryptocurrency exchange later this year, as The Block has reported previously.

Ebang's share price has risen more than 30% in the last 24 hours and is currently trading at around $11, according to tracker TradingView.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.