Bitcoin Mining Machine Maker Ebang to Launch Crypto Exchange in 2021; Shares Rise
Bitcoin mining equipment maker Ebang announced Thursday it is preparing to officially launch a cryptocurrency exchange in the first quarter of 2021.
Hindenburg’s report is a self-described “cautionary tale” for investors willing to jump blindly into publicly traded mining stocks.
The company's shares jumped 55% after the announcement.
The lawsuit comes on the heels of a research report that highlights the allegedly misleading business practices.
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.
The new venture is expected to increase revenue and "optimize" its product offering structure.