Bitcoin Mining Device Maker Ebang's Shares Drop 10% On Day One Trading At Nasdaq

The shares of Ebang International Holdings Inc. EBON dipped 10% in the regular and after-hours sessions on Friday.

What Happened

It was the first day of trading for the Bitcoin (BTC) mining equipment manufacturer's shares after it raised $100.75 million shares in its initial public offering.

The Chinese company sold over 19.2 million shares priced at $5.23 each. The shares closed 4.4% lower at $5 in the regular session and dropped another 5.6% in the after-hours session at $4.72.

Ebang filed to go public with the United States Securities and Exchange Commission in April, amid increased scrutiny against China-based companies.

Rival Canaan Inc. CAN went public in November last year, raising $90 million.

BTC Price Action

Bitcoin traded 0.95% higher at $9,109.78 at press time on Monday.