Observers ask “why now” as Ebang International filed the papers to now go public.
Many see Ebang’s filing as a form of holding an initial offer to the public of being a bullish move in the world of crypto. On that note, some think the move will reflect the mining manufacture of Bitcoin as it tries to produce money while it still can even after its fall from the December highs which amounted to nearly $20,000.
According to reports, Ebang filed an IPO prospectus together with a stock exchange from Hong Kong.
The filing came after cryptos were recovering from their recent fall. Over the weekend, Bitcoin amounted to below $6,000 which is a low level that crypto hadn’t experienced this year.
On a different note, the IPO filing for Ebang came with a similar move by one of its rival companies the Canaan Inc.
It was also reported by Bitmain Technologies as planning an IPO.
For observers, Ebang seemed to be unfazed by the challenges being presented in going public.
One of which is related in the experienced slumping return of crypto miners that made mining and is now Ebang’s product offering.
No other details
The IPO filing for Ebang does not include a number of financial details as investors are more accustomed to seeing which instead provides the prospectus more information about financial health.
It includes revenues by up to 715 percent in the year 2017 to $1.8 million. It’s gross profit margin also grew by 813 percent from 2017 as well.
An increase in the gross profit margin is seen from the 53.9 percent in 2017 from 47.8 percent in 2016.
The mining machine market for Bitcoin is actually the main business of Ebang which makes up to 94.6 percent of the total revenue of the company last year.