Intchains Abandons Ethereum Buying Plan Amid Revenue Collapse
Intchains Group, a Nasdaq-listed altcoin mining-machine maker, has abandoned its Ethereum buying plan due to a significant revenue collapse. In the first half of this year, the company's revenue plummeted by 94% from RMB175.6 million to RMB11.1 million. The decline was largely due to the sale of non-core chip inventory to a related party, which accounted for RMB10.9 million of the total revenue.
The company's treasury is not empty, with RMB461.1 million in cash and short-term investments as of June. This sum is enough to fund Intchains' next-generation ASIC development and cover planned activities for at least 12 months.
Intchains CEO Qiang Ding stated that the company will focus on developing and commercializing its next-generation ASIC, which finished tape-out in July. Sample production and validation are still ahead of it, with a commercial launch penciled in for the fourth quarter. The new ASIC is expected to make a modest revenue contribution during the second half of 2026 before turning into a more meaningful driver in 2027.