Bitcoin Mining Play Ebang International Surges to New High

Ebang International (NASDAQ:EBON) — a bitcoin mining machine manufacturer — is seeing its stock soar on Thursday. And while there may not be any company-specific news, the move is just another positive for EBON stock over the past month.

Smartphone with Bitcoin chart on-screen among piles of Bitcoins

Source: Shutterstock

Overall, EBON stock is up more than 130% since Aug. 13. On that date, the company announced that it established a subsidiary in Singapore in order to prepare for the inception of a cryptocurrency exchange.

Dong Hu, chairman and CEO of Ebang International, had this to say at the time of the release:

“With our newly established subsidiary in Singapore, we expect to expand our industry chain layout from providing equipment to offering trading services. We plan to establish a robust risk control system and develop an optimal transaction system, with the support from our dedicated professional team and industry experts, in order to provide investors with safe, fast and stable digital asset transaction services through blockchain technology. We look forward to providing systematic support to the development of blockchain and maximizing the values for our shareholders.”

Additionally, Hu said that the company still needed government approval at the time.

EBON stock was up 30% as of Thursday afternoon.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick is a web editor at InvestorPlace.

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