Bitcoin Miner Ebang Closes $70M Follow-Up Public Offering

Bitcoin mining equipment maker Ebang (EBON) announced Thursday the closing of its follow-up public offering.

  • Institutional investors have agreed to purchase 14 million units at $5 per share, according to Ebang’s announcement. Each unit consists of one Class A ordinary share and one warrant to purchase one-half of one Class A ordinary share.
  • The proceeds will be used primarily for research, development, production and sale of equipment and expanding its mining business through the establishment and operation of crypto mining farms.
  • Hangzhou, China-based Ebang has also previously announced its intentions to launch a cryptocurrency exchange in the first quarter of this year.
  • Ebang’s shares closed up 7.73% at $11.29 on the Nasdaq Thursday.

See also: Mining Machine Maker Canaan Rises 20% as Bitcoin Reaches a New All-Time High