Ebang – the Bitcoin (BTC) miner manufacturing heavyweight – has reportedly submitted documents for a $100 million IPO with the US SEC. 

Specifically, Ebang reportedly has a distribution plan for Class A ordinary shares, at a $0.00013 face value each. The company looks to be listed on Nasdaq Global Market, or the New York Stock Exchange, with the ticker EBON. 

The initiative has been in motion, following an attempt to carry out  a $1 billion IPO in Hong Kong 2 years ago. After the document submission is completed back in June 2018, the offering has hit a standstill towards that year’s end. 

Last year, Ebang has secured a majority of its income (82%) from its application-focused integrated circuit (ASIC) chips and fabless integrated circuits for miners. 

Ebang’s filing has reportedly stated the fact that the demand for its offerings is directly connected to the fluctuations displayed in Bitcoin price. 

“Market demands and unit price of Bitcoin mining machines correlate with the economic returns of Bitcoin mining machines and are primarily affected by the Bitcoin price. A rise in the Bitcoin price will generally increase the market demand for Bitcoin mining machines, which in turn will allow us to price our products higher, and vice versa.” Ebang reportedly claimed. 

The filing further revealed that Ebang has finalized the designing process of its proprietary 8 nanometer (nm) and 7 nm ASC chips, and can conduct mass-production for the 8 nm units “when the market conditions become suitable.”