Chinese bitcoin-mining machine maker Ebang International is seeking to raise up to $100 million through an initial public offering (IPO) in the U.S., gambling on making a listing during one of the most turbulent markets in more than a decade.

According to its IPO prospectus filed to the U.S. Securities and Exchange Commission on Friday, Ebang aims to list its shares on either the New York Stock Exchange or the Nasdaq under the ticker symbol “EBON”.

The Hangzhou-based company said that it will use the capital for “development and introduction of new mining machines, corporate branding and marketing activities and expansion of overseas business and new businesses.”

However, in the past two years, Ebang’s financial figures have not looked rosy. The company reported net losses of $11.8 million and $41.1 million in 2018 and 2019 respectively. Its revenue also fell to $109 million in 2019 from 2018’s $319 million.

Ebang said that its operations are vulnerable to the fluctuations in the price of bitcoin due to the fact that the vast majority of its revenue is derived from sales of bitcoin-mining machines and related accessories. “Any future significant reductions in the price of bitcoin will likely have a material and adverse effect on our results of operations and financial condition,” it said in the prospectus.

However, the company said that it will explore opportunities in blockchain and cryptocurrency as part of efforts to diversify its revenue sources.

This is Ebang’s second attempt to go public after its application for a Hong Kong IPO fell through in 2018. Its Chinese rival Canaan successfully listed on the Nasdaq last year after several failed attempts to go public on the Chinese mainland and in Hong Kong.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Canaan Shares Up and Down on First Trading Day After U.S. IPO