Bitcoin mining equipment maker Ebang International Holdings Inc. has filed to go public with the U.S. Securities and Exchange Commission.

Founded in 2010, Ebang designs and manufactures application-specific integrated circuit chips and fabless integrated circuits for bitcoin mining machines. A top 10 manufacturer in the market, the company was the leading bitcoin mining machine producer in 2019, according to one survey, but is often more regularly pegged in third place behind Bitmain Technologies Inc. and Canaan Inc.

Ebang is looking to raise $100 million through an offering of Class A ordinary shares valued at $0.00013 per share. The shares will be listed on either the New York Stock Exchange or Nasdaq under the stock ticker EBON.

Coming into its IPO, Ebang’s underlying financials don’t look great. The company reported a loss of $30.6 million in 2019 off revenue of $109 million, compared with a profit of $24.4 million on revenue of $319 million the year before. Most of Ebang’s revenue came from two devices — the Ebit E12 series bitcoin miner, accounting for 54% of sales, followed by its E10 series at 34%.

“Our results of operations have been and are expected to continue to be significantly impacted by the fluctuation of bitcoin price and in particular, significantly and negatively impacted by the sharp bitcoin price decrease,” Ebang said in its filing Friday. “The price of bitcoin tends to have a direct impact on the market demand for our bitcoin mining machines, in terms of both the price and the quantity and we expect this trend to continue.”

The company said in its filing that it would use the funds raised in the IPO for product diversification, among other things. “We intend to start with the cryptocurrency mining and farming business and explore applying blockchain technology into non-cryptocurrency industries, such as the financial services and healthcare industries,” the company said. “We believe our extensive experience in the blockchain and cryptocurrency industry positions us well in our future endeavors.”

Ebang is not the first cryptocurrency mining equipment maker to attempt to go public. Bitmain has tried and failed, filing to list on the Hong Kong Stock Exchange in 2018 before letting its application lapse in 2019. Canaan made its public debut on the Nasdaq in November, but its share price has struggled since. The company floated at $9 per share and it has never reached that price again. As of Friday, Canaan shares were trading at $4.23.

Ebang had previously filed to go public in Hong Kong and, like Bitmain, let its IPO application expire.

Image: Ebang