Intchains Group Limited listed on NASDAQ, dependent on cryptocurrency market

03/17/2023 08:04 • Tech Trends • 82 views

It is reported that Intchains Group Limited, the substantial holding company of Shanghai Conglian Information Technology Co., Ltd., is listed on the NASDAQ stock exchange in the United States under the symbol “ICG”. It was secretly submitted to the SEC on January 18, 2022. The prospectus shows that the company’s business and financial condition are highly correlated with the market price of cryptocurrency. Almost all of the company’s revenue comes from selling ASIC chips for cryptocurrency mining machines. The company indicated in the prospectus that the current cryptocurrency market price has fluctuated as a whole, or may have an adverse impact on the company’s business, financial condition, and operating performance.

Cong Chain Group, which focuses on cryptocurrency mining business, is listed on NASDAQ

Analysis based on this information:

The message reports that Intchains Group Limited, a substantial holding company of Shanghai Conglian Information Technology Co., Ltd., has been listed on the NASDAQ stock exchange in the United States under the symbol “ICG”. However, what is particularly interesting about this listing is the fact that the company’s business and financial condition is directly dependent on the market price of cryptocurrency.

According to the prospectus, almost all of the company’s revenue comes from selling ASIC chips for cryptocurrency mining machines. In other words, if the market price of cryptocurrency were to decline, the company’s revenue and financial condition would be negatively impacted. This is a considerable risk, considering the volatile nature of the cryptocurrency market.

The fact that the company was secretly submitted to the SEC on January 18, 2022, suggests that there may have been some hesitation regarding the listing. It is possible that the company wanted to avoid negative publicity or scrutiny, particularly given the company’s heavy reliance on the cryptocurrency market.

The listing of Intchains Group Limited on NASDAQ has significant implications for the cryptocurrency market as well. It shows that cryptocurrency is becoming more mainstream and attracting the attention of traditional financial markets. However, it also means that the performance of cryptocurrency will be closely tied to the financial performance of companies like Intchains Group Limited.

In conclusion, while the listing of Intchains Group Limited on NASDAQ shows that cryptocurrency is gaining mainstream attention, it also highlights the dependence of some companies on the volatile cryptocurrency market. As the cryptocurrency market continues to grow, it will be interesting to see how traditional financial markets respond and adapt to this new asset class.

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Intchains Group Limited listed on NASDAQ, dependent on cryptocurrency market

Cong Chain Group, which focuses on cryptocurrency mining business, is listed on NASDAQ

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