Crypto
Intchains Abandons Ethereum Accumulation Plans Amid 94% Revenue Collapse
Nasdaq-listed Intchains Group has abandoned plans to accumulate more Ethereum after its first-half revenue plummeted by 94%.
The company's revenue fell to RMB11.1 million ($1.6 million) in the first half of this year, down from RMB175.6 million a year earlier, with most of that coming from the sale of non-core chip inventory to a related party.
Intchains is now redirecting capital towards developing and commercializing its next-generation ASIC mining chip and exploring AI opportunities.
The company's CEO Qiang Ding said the new ASIC will contribute modestly to revenue in the second half of 2026 before becoming a more meaningful driver in 2027 as commercialization accelerates.